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Thursday 1st January 2009
WorldPay, which processes almost half of all payments in the UK, has revealed 2010 to be its biggest year yet for transactions carried out by its face-to-face payments brand, Streamline*. The latest figures reveal how, over the last three years, the total number of Streamline transactions has soared by 26 %, representing the highest volume to date.
The number of payments made by debit cards in 2010 rose by 12% from 2009, and by 42% from 2007 to 2010. In contrast, over the same three year period credit card usage has declined by 12%, indicating an ongoing shift in consumer payment preferences.
The latest Streamline transaction figures from WorldPay follow the news that over the twelve months to October 2010 UK consumers spent more using debit cards than cash for the first time**.
Matt Rowsell, Chief Commercial Officer for Streamline, stated: “These figures clearly demonstrate how consumers are shifting away from old-fashioned payment methods and give another indication of the ongoing demise of cash. People are carrying cash in their pockets less and less, and the increased popularity in debit card usage is a clear testament to the increased security and convenience of this option.”
He continued: “The point at which a customer feels comfortable using cards over cash has changed – it’s now more acceptable to use card payments for lower ticket items, and there are more opportunities to pay by card. Innovations such as contactless technology, whereby transactions for up to the value of £15 can be made with a simple tap of a card, mean we’re likely to see this trend continue to grow.”
Rowsell added: “Moving into a new era for the company following the recent sale of WorldPay , it’s great to see that Streamline, responsible for WorldPay’s face-to-face transactions, is stronger than ever. We are committed to delivering the best service available to all of our clients and continually track the latest consumer demands and trends so we can deliver innovative solutions to match consumer payment preferences.”
*Streamline is responsible for WorldPay’s face-to-face transactions and is the leading provider of merchant accounts in Europe, giving businesses the ability to accept credit and debit card payments - whatever the size of a business.
**According to figures in Dec 2010 from the Payments Council: http://www.paymentscouncil.org.uk/media_centre/press_releases/-/page/1219/
Notes to editors:
Streamline is the UK’s leading card payment acquiring business which allows customers to accept card payments at point of sale, over the phone and the internet. The company offers services across the entire payment value chain, including transaction capturing, merchant acquiring and transaction processing.
Clients vary in size from small family run companies to large multi-national corporations, spanning a broad spectrum of industries and sectors.
Streamline is part of the WorldPay group of companies; one of the top five global players in card processing.
