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Moving Money 2025 Report

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Moving Money 2025 Report Moving Money 2025 The future of payments and what it means to you Expert opinions on innovation in the UK PAGE 1 MOVING MONEY 2025 MOVING MONEY 2025 PAGE 2 Foreword Payments are an essential part of our lives and there the UK economy. As well as boosting payments efficiency, has never been a greater choice of ways to pay. Almost this technology is driving payments innovation throughout everyone in the UK makes several payments each day and financial services and beyond. New mobile payment services electronic payments have recently overtaken cash as the such as Paym and Zapp are firmly rooted in VocaLink’s real- most popular payment method. In 2014, the average total time technology, as are many other payment innovations. number of transactions per person processed by VocaLink was 196, with an average of 57 Direct Debits throughout In practical terms, a real-time payments system is the bridge the year. between the digital economy and the real economy. With the growth of mobile, people expect to be able to make But making a payment is seldom an end in itself. It is payments while they are on the go. This is reflected in the invariably part of a bigger transaction, for example paying exponential growth of new payment services and mobile for groceries, transferring money to friends or making phone apps that promise to make payment easier than ever. a charitable donation. Making a payment is a means to So what about the future? an end, because all transactions end with a payment. Most people simply want to make and receive payments The global payments industry is in a state of constant flux conveniently, securely and with certainty. and there are many disruptive forces. These include the disappearance of geographical borders with SEPA; the Research carried out by VocaLink in August 2015 reveals appearance of new market entrants; and the arrival of new that 65% of people cite transaction security as the most technologies such as biometrics. This paper comprises a important factor when making a payment, with another collection of expert views from those at the heart of the UK 20% reporting ease of payment as a high priority. In payments industry. It offers a glimpse of the future – of what many instances electronic payments have become a cash might happen and how. We hope you find it interesting and replacement and alternative payments, such as mobile, offer that it encourages you to join in the discussion. all the benefits of cash with none of the drawbacks. A successful payments system requires a robust technical infrastructure to provide universal connectivity and to inspire user confidence. This infrastructure must also be scalable, secure and available 24x7x365 to enable consumers and business to pay who they want, when they want. The growth Paul Stoddart of online, and increasingly mobile commerce has driven Managing Director, Strategy, Products, Marketing & the demand for immediate payment solutions. An entire Business Development, VocaLink generation (Generation Y) has grown up with unlimited internet access and ‘one-click’ purchasing. They expect to make and receive immediate payments and anything less is simply unacceptable. With the launch of the Faster Payments Service (FPS) in 2008, the UK led the world in adopting immediate payments running on real-time technology. VocaLink designed, built and operates the technology infrastructure that powers FPS. This also provides a real-time processing backbone for PAGE 3 MOVING MONEY 2025 MOVING MONEY 2025 PAGE 4 Contents Executive summary An efficient and resilient payments system is critical to the functioning of our economy. Everyone expects to be paid on time, all the time. Without the means to make and receive payments, business cannot function, consumers are unable to purchase the goods and services they need, and those reliant upon state funding are deprived of a lifeline. Foreword 2 There is much more to payments than This paper comprises a collection of • The employment market is shifting Executive summary 4 the bank card you carry or the mobile short articles from a wide range of towards a situation where we see app on your Smartphone. These are specialists. It includes a number of a larger number of workers who Part 1: Introduction 5 just the tip of the iceberg. The rest of predictions and an aspirational ‘wish are reliant on multiple income Part 2: Contributor articles 13 it, below the waterline, is the network list’ of innovations that could deliver flows, rather than having one The advance of push payment technology 14 of connections from banks and significant end-user benefit by 2025. predictable and periodic source David G.W. Birch, Consult Hyperion building societies where your funds of income. By 2025 this are held, to the businesses, charities, Key predictions include: unpredictability of income will be Simplifying payments for consumers 17 government departments and all other even greater and should be Nick Middleton, Nationwide organisations that make and receive • Push Payment Platforms–built on matched by greater flexibility and The future of payments in retail 19 transactions. Without a universal instant payments –will be at the more tools for people to manage heart of a significantly changed David Baker, The UK Cards Assocation infrastructure, payments simply could their payments and finances. [Sian not be sent or received. payment system, catalysed by Williams, Toynbee Hall] Katy Worobec, Financial Fraud Action UK technology advances such as Diversifying payments for modern ways of working 21 This infrastructure is invisible but biometrics, the blockchain and • The most attractive future Sian Williams, Toynbee Hall critical to our modern day-to-day lives, the ‘Thingternet’. [Dave Birch, innovation in the payments system from receiving our salary payments Consult Hyperion] from a recent survey was “having Towards world class: the consumer view of current 24 to paying our gas bill on time. The UK all payments clear immediately accounts and payments payments infrastructure is truly world • As Smartphone security increases, and shown in my account Tooley Street Research class – it is one of the very few real-time credit and debit card information straightaway” followed by will merely be stored on the Back to the infrastructure (for the future) 28 24x7x365 payments systems in the “knowing I’ll get the money back world and it has set the standard for device itself, making the actual easily and without stress, if I Chris Dunne, VocaLink other economies to follow. In addition cards themselves redundant. accidentally send it to the wrong Part 3: What next then? 31 to facilitating payments processing, the Beyond this, the potential of facial account”. [Tooley Street Research] Conclusions and summary 33 UK real-time infrastructure provides recognition technology for the foundation for future payments reducing the friction of ‘paying’ is However if these aspirations are innovation that will deliver strategic huge. [Nick Middleton, to be realised, the UK payments benefits to the entire economy. Nationwide] infrastructure must provide the stable platform for much of this future The challenge is to identify these • There will need to be stronger innovation. We are fortunate to be benefits – as a collective comprising authentication processes to building on a firm foundation that is banks, technology companies, underpin payments innovation in already trusted by consumers, business retailers, consumer groups, charities, the future. The use of dynamic and government. Disclaimer government and more – and then to processes, including the use of work together to maximise the benefits biometrics, will most likely VocaLink does not necessarily agree with the views set out for all. VocaLink will play a leading become part of a multi-factor in each of the articles below, nor do any of the contributors role in facilitating this change, which is process to confirm the customer’s necessarily agree with the views that VocaLink sets out in this already underway. An important part identity. [David Baker, UK Cards paper, or in other documents or mediums. of our strategy is to facilitate discussion Association; & Katy Worobec, and to encourage collaboration Financial Fraud Action UK] By contributing to this paper, each of the external contributors between payments experts. do not necessarily agree or support the views of their fellow contributors or those of VocaLink, and vice versa. PAGE 5 MOVING MONEY 2025 MOVING MONEY 2025 PAGE 6 Part 1 Introduction In today’s always-on society people expect their money to move where they need it to go, when they want it to, with a certainty that it will get there. Government Banks Businesses Citizens What is the payments system and how does it work? transactions each year, with a combined value of about Paying the piper (and the supermarket, gas bill, Cheque & Credit Clearing Company £6 trillion. VocaLink provides the central infrastructure for The payments system is the mechanism that facilitates Bacs Direct Debit and Credit payments (VocaLink facilitates cousin Tommy, etc…) The Cheque and Credit Clearing Company (C&CCC) daily transactions whereby money is transferred from one 90% of the UK’s salaries and virtually all state benefits) and operates the UK’s cheque clearing system. Cheque usage While cash use in the UK remains high, with over 18 billion account to another. It provides the network of connections the Faster Payments Service (online and mobile payments), has been in decline for more than 20 years, falling from 4 payments made last year, it has declined in recent years. In through which transfers are made from payers to payees as well as managing the world’s busiest ATM network (LINK), billion cheques written in 1990 to 644 million in 2014. It is 2014, for the first time ever, cash represented just under half across the UK economy. It is essentially the ‘bit in the which connects over 70,000 ATMs.
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