UK's bank branch sharing project to be extended (but not in Eastbourne)
Issue 381 | 8 September 2022
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Nine banks in 300 yards
The seaside town of Eastbourne is proud to boast that it is the sunniest resort in the UK – with an average of more than five hours of sunshine a day. But it has another claim to fame: it is the country's town with the most banks and building societies.
While most towns are seeing banks disappear from their high streets at a rate of 50 a month, this East Sussex resort has the highest density of banks and building society branches of any town in the UK, with nine serving its population of 100,000. The only bank in recent years to have deserted the town is TSB.
More: Nine banks in 300 yards.
UK's bank branch sharing project to be extended (but not in Eastbourne)
A trial project involving bank branches shared by multiple institutions is set to be rolled out across the UK.
The first two bank hubs were launched last year in Essex and Cambuslang, outside Glasgow in Scotland. Both are run by the Post Office and are shared by five high street banks.
Another 13 locations have been designated. These include another four in Scotland and one in Northern Ireland. This brings the total number of banking hubs to 25 with 10 launched last year but yet to open their doors.
The project was set up as a way to counter the effect of widespread closures of banks across the country, particularly in rural or deprived areas.
According to Natalie Ceeney CBE, independent chair of the Access to Cash Action Group which represents a number of banking organisations, the hubs are already playing a postive role for local communities by providing essential banking services for individuals and local businesses.
Extending the pilots gives us more opportunity to really understand what works for people, and what role services like these could play in the future. These are early steps, and over the coming months the Group will explore a wide range of options to protect access to cash.
Natalie Ceeney CBE, independent chair of the Access to Cash Action Group.
APP Scams: Putting prevention in its rightful place
Of course we must rectify the situation that victims of fraud find themselves in but measures that prevent fraud in the first place are much more appropriate than post event remediation.
The rationale behind the government’s move is understandable, but while no one should be out of pocket due to criminal activity, reimbursement tackles only one of the impacts of successful scams: the financial aspect. It does not undo the often long-lasting shame and trauma that we know victims are left facing.
While we support all attempts to tackle this scourge on society, I worry that a dogged focus on reimbursement pulls attention away from prevention. Clearly, it would be better if we could stop these distressing scams from happening in the first place. CRM Code signatory firms continue to work on detection and prevention measures for their customers, and we urge other financial-services providers to sign up to the Code and do the same.
Emma Lovell, CEO, Lending Standards Board
Read Emma’s piece in the International Banker - APP Scams: Putting prevention in its rightful place.
Almost 9 in 10 card payments are now contactless
Nearly nine in 10 in-person debit card purchases are now contactless, according to data from Lloyds Bank. Spend on debit cards made in person using contactless technology has grown from 65% to 87% in the last three years.
Contactless is most popular in restaurants, where it is used for 93% of transactions and least popular in electrical stores (68% of transactions), where average purchase prices are high.
While tap and pay has proved highly popular, Lloyds says it has seen strong uptake for its feature allowing customers to set their own limit. Since the feature was introduced in autumn 2021, 800,000 debit card customers have used it to freeze contactless payments, or choose an alternative limit. Over half of those setting their on limit have opted for one under £50.
Do you find it easier to spend less money when paying with cash or a card?
Click on the orange logo to find out the results of a recent Yougov survey on paying with cash and card.
Top 3 consumer bill pay insights
ACI Worldwide have shared the top three highlights from their latest Speedway Pulse Survey , which heralds opportunities for billers to modernise their billing experiences to both better serve customers and reduce their own costs.
The top three insights shared are:
Sharp growth in mobile wallet interest
Consumers want faster bill pay experiences
Request to Pay is gaining traction but crypto hasn’t caught on… yet.
To understand more about the biggest payment trends impacting billers and how to respond, check out the 2022 ACI Speedpay Pulse report.
Finalist: Cross-Border Payments FF News | Fintech Finance Awards
Congratulations to our Conformation of Payee (COP) friends over at SurePay who are a finalist in the 2022 FF News | Fintech Finance Awards in the category 'Cross-Border Payments' together with their partners Société SEPAmail.eu and StreamMind!
Please vote for SurePay via https://lnkd.in/ePfJ6kuu.
NPA: the new payments architecture that is here to stay
The New Payments Architecture (NPA) will be the foundation for the future of the UK payments infrastructure. By incorporating Faster Payments through Pay.UK into a central, ISO 20022 compliant architecture, the NPA is slated to simplify innovation, lower costs, and increase competition across the payments landscape.
Join Finextra, ACI and a panel of industry experts at 4pm on the 22 September 2022 as they discuss:
What were the drivers for the establishment of the NPA?
What can be expected from the NPA?
What can we learn from other real-time payments implementations that could be applicable to the UK?
What opportunities will be made available following the implementation of NPA?
Gary Wright - Head of Research, Finextra [Moderator]
Somya Patnaik - Global Solutions Leader, Real-Time Payments
Kevin Brown - Director, Payment Industry Insights
Also, earlier this week I shared some insights and thoughts on the NPA with ACI and Pay.UK - catch the on demand video here:
An insight on payments in Croatia
Four facts about digital payments in Croatia:
Croatia has about 4.1 million inhabitants, of which 3.3 million are online.
Credit card penetration in Croatia is with 36% higher than the average in the South-Eastern Europe region which is 18%.
9 out of 10 people used contactless cards when paying for goods and services whereas 70% of them paid via mobile phones.
Zagrebačka banka is the largest bank in Croatia, with 26.93% market share, and is part of the Italian group UniCredit SA. The bank’s mobile application is M-zaba and the bank also issues Visa and Mastercard cards
Find out more about the leading companies in Croatia by reading the Payments Association EU 2022 edition of the "Key Players in the EU Payments landscape" prepared together with The Paypers, in collaboration with Deloitte: https://lnkd.in/eCQ-Bdx5
Research explores negative impacts faced by the financially vulnerable
Pay.UK have published research which finds that people with at least one characteristic of financial vulnerability are more likely to suffer negative effects in a whole host of areas, from being targeted by fraudsters to struggling with bill payments and taking on debts they cannot afford.
The research (“All Aboard”) examines four important topics within the current consumer payments landscape and looks at how new services are playing this role.
Its key findings include:
Financially vulnerable people are more susceptible to being defrauded by criminals
Direct Debits can prove a challenge for some with low financial and emotional resilience, who may also heavily depend on their relationships to pay their bills
Financially vulnerable people are more likely to use buy-now-pay-later (BNPL) services than the general population – and regulation needs to keep pace
Cryptocurrency ownership is still quite uncommon, but financially vulnerable people are slightly more likely to hold and use it than others
To read more about the impact of financial vulnerability in relation to bill payments, fraud, buy-now-pay-later products and cryptocurrencies, please download Pay.UK’s All Aboard report here.
Round the corner by the grocery store stood Darling Doris thirty years or more competing the state of the nations ATMs with the much loved red phonebox.
Covering Request to Pay, Confirmation of Payee, card payments, Direct Debit, payments and A2A payments Payments:Unpacked is pleased to work with the following partners:
Request to Pay: Join the secure payment revolution with Answer Pay.
Card Payments: Card Industry Professionals supporting Businesses to Accept Payments In-Store, Online or Over The Phone!
Payment Solutions: Seamless, secure & affordable payment solutions that enable organisations of all sizes to accelerate growth & innovation from Access PaySuite.
Payments: ACI Worldwide - New Payments Architecture, ways ACI can help you today, to support your migration to NPA.
If you’d like to join support Payments:Unpacked in helping unpack the UK’s payments landscape contact: firstname.lastname@example.org
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