5th January 2017
P2P, Peer to Peer Lending
UK non-cash payments are predicted to reach more than £1.44 trillion over the next ten years, according to law firm, Paul Hastings in the report ‘The Future of Payments’.
The research, made in collaboration with the Centre for Economics & Business Research (CEBR) and UK-based YouGov, predicts that UK consumers will perform 68% of all transactions in non-cash formats by 2026, up from 55% in 2016.
The report also predicts that 74% of businesses will accept alternative payment methods come 2026, despite 53% of those questioned focusing on reduced risks of fraud, rather than accessibility as being the biggest barriers to overcome.
As new payment methods, from contactless to Apple Pay, make their way on to the high street, Thomas Brown, of Paul Hastings still thinks that there are bridges that need to be crossed to bring alternative payments into the mainstream.
He said: “The challenge for payment service providers is to create reasons for consumers to use new methods and technologies to make payments,”. “As things stand, consumers see little value in changing how they make payments in most environments apart from novelty value and the gratification of being an ‘early adopter’.”