A report on payment habits in UK.

1. World Class Payments
A report on how consumers around
the world make payments

2. Contents
Foreword 3
World Class Payments in the UK 4
Consumer protection in different countries 6
Cards 6
Cash 16
Automated payments 18
Cheques 24
Mobile payments 28
Foreword
Our latest report shows that you don’t need to look very
far afield to realise that customers in the UK enjoy a degree
of choice and protection in the way they pay that you’d be
hard pressed to find anywhere else in the world.
Even countries like the USA, that
you’d expect to be very similar to
us, are years behind in some areas.
For instance the USA is still looking
to introduce something like Faster
Payments, which has enabled
almost instantaneous internet and
mobile payments in the UK since
2008, and it is still in the early
stages of introducing the global
chip and PIN technology, which
became the norm in the UK back
in 2006. With the population of
the USA almost five times as large
as the UK, the size and complexity
of its payments infrastructure
can sometimes hinder innovation,
although there is change afoot:
Vocalink – the UK’s payment
infrastructure provider has recently
signed an agreement to deliver
services for The Clearing House in
the USA.
Closer to home Denmark has
moved one step closer to becoming
the world’s first cashless society, as
its government proposes scrapping
the obligation for retailers to accept
cash. The Danish government has
said that as of this year, retailers
may no longer be legally bound to
accept cash payments.
At present, it’s hard to imagine the
UK taking any steps to move towards
a cashless society, given that despite
the boom in the use of cards, digital
and remote payments, even in ten
years’ time cash payments are still
expected to make up a third of all
payments.
Without a doubt the UK can
claim to be world class when it
comes to the range of payments
customers can choose to use.
However ironically some of the
most cutting edge innovations have
happened in emerging markets
where retail banking infrastructure
is behind the UK’s, and customers
without bank accounts in these
areas have been quick to embrace
technology, particularly mobiles.
The growth of the middle class
and expanded consumer activity
in emerging markets represents
vast untapped opportunities
for payment service providers,
particularly those providing mobile
money applications, because mobile
penetration in these regions tends
to be high. For instance, Kenya
has made the leap from being a
predominately cash-based culture
to one that makes extensive use of
mobile payments thanks to M-Pesa.
This service enables customers to
transfer money using only a mobile
number without either sender
or recipient needing to have a
bank account. In fact, a quarter of
Kenya’s GNP flows through M-Pesa.
By comparison, the UK’s consumer
appetite for a service like M-Pesa
is lacking because consumers
already enjoy a much wider choice
of existing payment methods via
their bank account.
Although the UK has a great track
record of leading where others
follow, with both contactless
payments and Paym being recent
highlights, to remain central on
the global payments stage the
UK payments industry needs to
focus on the future and on what
customers need next.
In our recently published World
Class Payments Report we took
an evidence-based approach
to understand what different
customers want from payments
and what the UK needs to provide
in order to stay world class.
As part of this work we track
what’s going on in the world so
we can ensure that UK customers
benefit from the best possible
payment services. This report
provides an overview of how
different payment methods are
used (or not) in key countries
in Europe and around the world
highlighting some interesting
differences in the way we pay in
the UK.
Adrian Buckle
Chief Economist, Payments UK
World Class Payments – a report on how consumers make payments around the world 32 World Class Payments – a report on how consumers make payments around the world

3. Whether you’re a fan of football, rugby or cricket, you
will have probably had this sporting debate at some stage
in your life – which players would make up your dream
team? Normally heated, these debates very rarely end in a
team consisting of players all from one place, with the best
players in each position often spread across a number of
countries and continents.
When Payments UK looked at how
the UK payments infrastructure
compares internationally we
found ourselves in a very similar
position. Our work to identify
what customers need and want if
payments in the UK are to remain
world class led us to identify
thirteen core capabilities, which will
build on the UK’s existing strengths.
Although our focus is on the UK,
it made sense to compare each
core capability to global markets.
In doing so we identified many
countries that specialized in singular
or specific capabilities – but very
few could be considered world
leading across the entire spectrum.
There are a variety of reasons that
cause this specialisation to occur.
Similar to many sporting teams,
payments infrastructures develop
over time, often combining new,
emerging products and technologies
with older legacy systems, tactics
and approaches. Strategically,
nations have to balance the
desire for short-term, pragmatic
improvements with the complex
process of guiding all the moving
parts in a way that optimizes long-
term gains. Greenfield approaches
are rare, and with a plethora of
stakeholders including banks,
regulators and schemes, the ability
to achieve a consensus that benefits
all parties is almost a capability
within itself. Once you add the
nuances of each international
market into this mix, you have a
perfect cocktail for creating global
diversification and variety when
implementing each capability.
Payments UK has taken the lead
to identify what exactly it means
to be world class in each of 13
identified ‘payment capabilities’
that customers have told us they
want. Looking at other countries
across the globe and comparing
the UK’s position has helped us
reach this point. Yet, like any
heated debate over creating a
balanced team of the world’s best
athletes whose skills and abilities
would complement each other,
only a deeper understanding of
the nuances in payments will help
us understand how best practice
across the world can be applied
to our domestic market. When
researching these examples, we
considered the unique attributes to
each national market, ensuring we
could understand if factors such as
customer needs and experiences,
industry competition, supporting
infrastructure, political priorities and
market size were similar enough for
us to tailor and build upon these
approaches in the UK market.
This work is ongoing, but as a first
step, last summer we published our
first World Class Payments (WCP)
World Class Payments in the UK
Payments UK’s World
Class Payments project
was set up to identify the
key characteristics and
capabilities required for the
UK’s payments landscape
to continue to be world
class. We’ve taken an
evidence based approach
to get to grips with what
customers want from their
payments. Our goal is to
support the industry and its
regulators’ efforts to deliver
the very best outcomes for
consumers, businesses and
the public sector.
report in which we set out the 13
core payments capabilities we
believe are needed for a payments
environment to be world class. We
also identified four priorities we
believe should be the initial focus
to help the UK achieve its vision.
We are progressing this work and
plan to provide an update this year.
This report provides an insight
into how much variation exists
in consumer payment behaviour
around the world. Undoubtedly
some of the variation is driven by
the costs of using payments which
this report doesn’t cover, but what
it highlights is the high level of
choice, convenience and protection
UK consumers enjoy compared to
many others around the world.
The World Class Payments project identified thirteen
‘payment capabilities’ that customers want and need
from their payments
Common Access
to the Payments
Infrastructure
Efficient
Governance
Foundation Capabilities
Common
Standards
Enhanced
Data relating
to paym
ents
Visibilityof
paymentjourneyRequestto
Pay
Confirm
ation
ofPayee
Real-timePayments24x7
Real-time
Balances
Flexible
Settlem
ent
Payment
Services
Co-existence
Cross-industry
sharingof
identityand
fraudinformation
Switching
Accounts
Common, open and
transparent standards
that enable interoperability,
whilst simplifying initial
access and providing a base for
innovative payments products to
be built on.
Ensure that the industry
switching
service keeps
pace with custom
er
expectations in term
s of
tim
ing
and
the breadth
of features included
in the
switch process.
Realisethepotential
benefitsingreater
sharingofidentityand
frauddatatoimprove
customerexperiencesand
preventfraud.
Relevant additional
inform
ation to
be added
and
m
ade available via
direct or indirect link to
the
paym
ent m
essage. This will
enable m
ore integration into
respective business processes.
Traceabilityandpositive
confirmationofwherea
paymentisonitsjourney
from
sendertoreceiver.
Forexample,toenable
customerstoknowithasbeen
sentandifithasarrived.
Morecontroloveroutgoingpayments
forcustomers–enablingflexibility
overthetimingofregularpayments
tofitwithincreasedmoney
management.Morereference
informationwillalsobe
providedtohelpbusinesses
reconcilepayments.
Enabling
custom
ers
to
confirm
the
nam
e
ofthe
intended
recipient
m
atches
the
paym
entrouting
data
(sortcode
&
account
num
berand/orproxy)
before
com
m
itting
to
send
an
electronic
paym
ent.
All PSPs (Payment Service
Providers) to support
payments in real-time,
24x7.
Real-time balance
information available to
customers by improving
how transactions are
applied to accounts.
Separate
outclearing
and
settlem
ent,to
allow
flexible
options
forPSPs
(Paym
ent
Service
Providers).This
w
illenable
them
to
select
the
bestfitfortheir
paym
ents
m
odels.
Ensureexistingpayment
servicesareaccessiblevia
anynewstandard,allowing
changestobemadeatthe
PSPs’(PaymentServiceProvider)pace.
Standard interface enabling
interaction with PSPs
(Payment Service Providers)
and customers who require
direct access to the payments
infrastructure.
Simplified model and rules
for access to clearing and
settlement services for
PSPs (Payment Service
Providers)
World Class Payments – a report on how consumers make payments around the world 54 World Class Payments – a report on how consumers make payments around the world

4. Cards
At the end of 2014 there were
12 billion cards in circulation
worldwide, a rise of 11% on 2013. The
number of cards continued to grow
highlighting the important role
cards play globally for consumers,
businesses and governments,
providing convenience, safety and
familiarity in payment choices.
The type of card used within each
country varies greatly from debit,
credit and charge cards to prepaid
cards and multi-functional cards.
The figures opposite show that
the holding of debit and credit
cards differs significantly between
countries. The reasons behind
this are often culturally-specific.
For example, the Netherlands
and Germany tend to have little
appetite for taking on credit card
debt, preferring instead to make
more extensive use of debit cards.
In contrast, the United States tends
to exhibit a relatively high level of
credit card holding, reflecting that
country’s far higher tolerance for
taking on unsecured debt. In the
UK, debit cards are widely available
to consumers, and 93% of adults
held at least one debit card in
2014. Alongside this, 60% of UK
adults held credit cards, with the
average number of cards per adult
suggesting that UK consumers
have more of an appetite for
credit cards that their European
contemporaries in France, Germany
and the Netherlands, but far less of
an appetite compared to consumers
in the USA and Canada.
The UK was the first
country in the world to
implement the new global
technology for chip and PIN,
with roll out completing
in 2006. Some countries,
notably the USA, are still to
complete introduction of
the technology.
Cards per capita around the world, 2014
Debit cards per head Credit cards per head
China
3.28
Japan
3.30
China
0.33
Australia
1.75
Netherlands
1.52
Netherlands
0.19
United Kingdom
1.48
Russia
1.35
Russia
0.22
Germany
1.25
Germany
0.06
Switzerland
1.19
Switzerland
0.73
Sweden
0.98
Sweden
1.04
Australia
1.00
United Kingdom
0.88
Ireland
0.95
USA
0.94
USA
2.90
Canada
2.16
Canada
0.70
France
0.64
France
0.10
Ireland
0.35
The fastest rate of growth of non-cash transactions is Asia and in particular China
Note: Data for USA is for 2013 (latest data available) Source: ECB Blue Book, BIS Red Book
Consumer protection in different countries
UK consumers enjoy an excellent
level of protection when it comes to
their payments and bank accounts.
Some of this is provided by
European-wide legislation, some is
domestic, (such as Section 75 of the
Consumer Credit Act on credit card
payments) and other protection is
provided thanks to payment scheme
rule protection, e.g. Direct Debit
Guarantee. UK consumers also
have recourse to a robust and well
resourced Financial Ombudsman
Service if things go wrong.
The UK’s strong position was
evidenced by a World Bank report
published in 2014. It placed the
UK in the top group of economies
surveyed, in that it has:
• general consumer protection law
• consumer protection law with
explicit reference to financial
services, and separate financial
consumer protection law
Of the 114 economies surveyed by
the World Bank, only 35 provided all
of these (31%). The report also noted
that the UK is one of the top tier
of economies that have an agency
responsible for implementing and/
or overseeing any aspect of financial
education/literacy.
World Class Payments – a report on how consumers make payments around the world 76 World Class Payments – a report on how consumers make payments around the world

5. Debit cards
Debit cards are the most common
type of card held across the world,
with some countries using them for
identification purposes. In many
countries, the use of debit cards has
become so widespread that they
have overtaken or entirely replaced
cheques and, in some instances,
cash transactions. European
countries tend to be more mature
debit card markets with both the
number of debit cards in issue
and the extent of card acceptance
by businesses at very high levels.
This said, debit card holding still
increased across Europe between
2009 and 2014. The majority of
the increase in the number of debit
card transactions in Europe was a
result of customers choosing to use
debit cards over cheques and cash.
The increasing proliferation of bank
accounts that automatically issue
a debit card to account holders as
opposed to ATM‑only cash cards
may also have been a factor. The
global financial recession has led to
many consumers preferring to use
debit cards to make payments, in
order to avoid increasing their level
of debt by spending excessively on
credit cards.
On average, each UK adult held 1.5
debit cards by the end of 2014. This
compares with the EU average of
just above 1 debit card per adult.
The Netherlands has been the
long term leader in terms of debit
card holding in Europe. There are
several reasons behind this trend
including the migration from euro
cheques to debit cards; bank and
retailer campaigns to encourage
consumers to choose a card over
cash; and the roll out of a new debit
card payment system in 2012. These
initiatives have led to a substantial
decrease in cash payments.
Cardholding in countries outside
Europe is approaching, or in some
cases exceeding that seen in
Europe. In China the number of
debit cards per adult (3.3) is more
than double the number of debit
cards per adult in the UK. China had
the largest single card market in the
world in 2014 in terms of number
of cards issued, with almost 4.5
billion debit cards in circulation.
The number of debit cards in China
more than doubled between 2010
and 2014. Japan is another world
leader in terms of total debit card
holdings: on average each person
held 3.3 debit cards in 2014.
The Australian card market is
similar to the UK’s in many ways. In
Australia debit cards accounted for
64% of the total card market in 2014
and on average each Australian
held 1.8 debit cards by the end of
the year. Evolving technology, new
card products and the expansion of
online shopping gave the Australian
card market a significant boost in
the five year period between 2010
and 2014.
Looking at the extent to which
consumers use the cards that they
hold, the UK is somewhere around
the middle of the range of payment
behaviour. In 2014, UK consumers
made an average of just over 200
card payments a year (including
debit, credit and charge card
payments). This is considerably less
than countries such as the USA,
Australia and Canada, where the
number of payments is around 250
per year or greater. Having said
this, the number of payments in the
UK has been growing considerably
over time, with growth of over 11%
in 2014 alone. The Netherlands
is the European country with the
most similar number of payments
to the UK, although as mentioned
above these are predominantly
debit card payments, reflecting
the unpopularity of credit cards in
the Netherlands. Germany exhibits
a far lower use of cards to make
payments, with less than a quarter
the number of transactions per
person as seen in the UK.
Average transaction values in most
countries follow a similar pattern,
in that the average value of a
credit card payment tends to be
higher than the average value of a
debit card payment. This perhaps
reflects the fact that consumers
are more likely to make use of a
credit facility in order to purchase
expensive items, and suggests that
this tendency is the same amongst
consumers in all countries.
Spending on cards in the
Netherlands provides an interesting
contrast to the UK. Whilst the total
number of debit cards per adult
is similar in the two countries, and
the number of payments made
using those debit cards is also
similar (although slightly higher in
the UK), the total amount spent on
those debit cards is significantly
lower in the Netherlands. One
possible factor behind this may
be the popularity of the iDEAL
system in the Netherlands – the
e-commerce payment system that
allows customers to pay for online
shopping using direct transfers from
their bank accounts. By contrast,
in the UK the majority of online
payments are made using cards.
More generally, card spending in
the Netherlands is concentrated on
debit cards, whereas UK consumers
also make extensive use of credit
cards to make payments.
93%
60%
of UK adults have a debit card
have a credit card
World Class Payments – a report on how consumers make payments around the world 98 World Class Payments – a report on how consumers make payments around the world

6. Credit cards
There are many different types of
credit and charge card products
issued in European countries and the
popularity of these products mostly
depends on consumer preferences
and tradition. For example, Spain,
Germany, France and Italy have
the largest charge card markets in
the region (charge cards require
the balance to be paid off in full
each month and so avoid revolving
credit). By contrast in the UK, Ireland,
Turkey and Sweden credit cards
are much more popular – enabling
consumers to decide how to manage
repayments. Credit card use may
be incentivised by the availability of
rewards and cash back offers.
The total value of outstanding
balances on credit cards in the UK
is far greater than in other countries
(note that this is total balances, NOT
balances per person and so in part
reflects population). However, the
UK has one of the lowest revolve
rates in western Europe (that is, the
proportion of consumers not paying
off a substantial proportion of their
outstanding balance each month).
Consumers in countries such as
the Netherlands and Germany are
culturally more averse to credit, and
as such the number of cards in issue
and outstanding credit balances are
far below those in the UK.
Over the past few years the
credit and charge card sector has
remained subdued in many western
European countries as cardholders
have turned away from pay-later
products in favour of debit cards.
The UK credit card market is the
91 20 17 6 5 2 1
Revolverate(%)
50
40
30
20
10
0
UK Spain
Balances outstanding ($US billions)
Italy
Note that the revolve rate here differs from the most recent figures for December 2015 published by the BBA.
This is as a result of different time periods and also adoption of a different methodology that is consistent across all countries.
Germany Sweden France Netherlands
Proportion of credit card holders not paying off
a substantial proportion of their outstanding balance
each month, 2013
largest in Europe with approximately
one credit card per person, double
the EU average of 0.5 credit cards.
UK credit card holders account for
almost three-quarters of all EU credit
card spending. The higher holding
and usage of credit cards in the UK
when compared to other European
countries may be driven by the fact
that credit cards historically were the
first payment cards launched into
the UK market and over time have
become established as a payment
method as well as a borrowing tool.
Consumers in the UK also benefit
from additional legal protection
when they use their credit card
which does not exist elsewhere in
the world (under section 75 of the
Consumer Credit Act card issuers
are jointly liable with the retailer in
the event of any breach of contract
e.g. if the goods or service fail
to be delivered or are faulty). In
most other European countries the
first cards were debit cards which
evolved from ATM-only cards.
There was a considerable fall
in credit card holding in the UK
around the end of the last decade,
when the number of credit cards
in circulation decreased by almost
a quarter. Having said this, the
proportion of people in the UK with
at least one credit card remained
relatively constant; people just
tended to reduce the number of
credit cards they hold. The USA
remains the world leading credit
card market with nearly three credit
cards per person. Interestingly debit
card holding in the USA is relatively
low, and lies below the EU average.
Similar to the UK, credit cards were
the first card type introduced in
the USA. However, unlike in the
UK, where debit card circulation
overtook credit cards over time, in
the USA credit cards still remain the
most prominent card type.
In India, where the culture does not
promote the use of credit, the debit
card is the most predominantly held
card. The lack of a wide-reaching
and reliable telecommunications
infrastructure has also restrained the
development of a strong card market
and India still remains primarily a
cash-based economy. Although
debit card holding is gradually rising,
credit card holding has not changed
for over a decade, with one credit
card per 100 inhabitants. However,
considering that India represents
approximately one-sixth of the
world’s population, this diverse and
emerging market will likely present
significant growth opportunities for
their payments industry.
Source: Datamonitor Financial’s Global Payment Card Analytics
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7. Contactless technology on cards
The UK’s use of contactless cards
is ahead of many other countries.
Latest data on contactless usage
from The UK Cards Association
suggests that around 10% of card
transactions are now contactless.
Datamonitor publishes data on
contactless cards in 26 countries,
showing the proportion of cards
in issue that have contactless
functionality. Looking at data for
2014, the UK was in 4th place
(behind only Poland, Italy and
Singapore). The UK was ahead of
Australia, the USA, Canada, New
Zealand, France, Germany, the
Netherlands and many others.
In the UK, contactless payment
cards have the same level of
protection as chip and PIN
payments, and contain multiple
layers of security. Despite this,
consumers are sometimes hesitant
when first using the technology.
Different countries have different
security measures in place to
minimise issuers’ exposure to
fraudulent charges. For instance, in
the UK there is no daily limit on the
number of contactless payments a
consumer can make, but there is a
limit of £30 per transaction. Also,
parameters are set by the card
issuer such that, after a specified
number or value of transactions,
the card software will refuse further
contactless transactions until a
standard chip and PIN transaction
has been completed and the
counter resets. This is similar to the
procedure in Ireland.
Source: Datamonitor
Proportion of cards in issue with
contactless functionality, 2014
Poland
Italy Singapore United Kingdom Australia
France Spain Netherlands Germany
Canada Japan New Zealand Sweden
United States India South Africa Brazil
67%
62% 47% 41% 39%
39% 28% 28% 26%
26% 26% 25% 25%
23% 18% 14% 14%
World Class Payments – a report on how consumers make payments around the world 1312 World Class Payments – a report on how consumers make payments around the world

8. Prepaid cards
Datamonitor suggests: ‘Given that
a high level of unbanked consumers
is often a key indicator of a market’s
prepaid card potential, prepaid’s
prospects as a bank account
replacement in the UK are minimal’.
Also, it is worth remembering that
the number of cards per inhabitant
can sometimes be an insufficient
measure of the size and nature of
the market because of possible
variations in the use of cards and
the prominence of traditional
card products. For example, Italy
continues to be the largest prepaid
card market in Europe, partly driven
by the recession, as many Italians
use prepaid cards as a way to
manage their budgets and to pay
for goods and services.
Card acceptance
terminals
The UK has one of the most
developed card acceptance
networks in Western Europe. In
2014, there were 1.7 million point
of sale (POS) terminals in the UK,
a figure which is still growing,
with the number of POS terminals
increasing by 3% between 2013 and
2014. This growth suggests that
card acceptance is becoming ever-
more widespread, reflecting the fact
that consumers are now more than
ever expecting to be able to use
non-cash payment methods when
making purchases, even when the
payment amount is relatively small.
The increase in POS terminals also
suggests that retailers of all sizes
are increasingly willing to accept
card payments, regardless of the
value of the payment. The falling
average transaction value of debit
card payments in the UK suggests
that these cards are increasingly
being used to make low-value
transactions that previously may
have been more likely to be made
using cash.
Contactless payment thresholds in US$ equivalents, 2013
92.4
78.7
64.5
50.0
48.3
43.7
33.2
33.2
33.2
33.2
33.2
31.7
20.1
15.8
Australia
Singapore
Hong Kong
United States
Canada
Brazil
France
Germany
Italy
Netherlands
Spain
United Kingdom
South Africa
Poland
China Limit n/a
Japan Limit set by merchant
Sweden Limit n/a
A$100
S$100
HK$500
US$50
C$50
BRL100
€25
€25
€25
€25
€25
£20
(increased to £30
in September 2014)
ZAR200
PLN50
Source: Visa, Mastercard (2013)
World Class Payments – a report on how consumers make payments around the world 1514 World Class Payments – a report on how consumers make payments around the world

9. Cash
Free-to-use cash
machines
In the UK, 98% of cash withdrawals
were made at free-to-use ATMs in
2014.
Experience is mixed in other
countries. Typically, withdrawals are
free at machines operated by the
customer’s own bank, but fees are
often incurred when using ATMs
provided by other companies. In
some countries, financial institutions
group together to provide fee-free
access to one another’s customers.
Number of cash
machines
The availability of cash machines
varies widely throughout Western
Europe. In 2014 Portugal had the
highest provision of cash machines
with 1,540 machines per million
inhabitants, followed by Spain
(1,086) and the UK (1,074). Sweden
has the lowest provision in Europe,
with 333 cash machines per million
inhabitants. The EU average is 960
machines per million inhabitants.
Cash machines continue to evolve,
offering services beyond dispensing
cash as consumer expectations
shift in the digital age. Due to the
cash machine network in Portugal
being a fully integrated cross-bank
network, a number of innovations
have been possible. As well as the
basic cash dispensing function,
many offer a range of other bank
related functions and services, such
as cash and cheque deposits, as
well as other services like cinema
and concert ticket purchases,
tax payments, bill payments,
and mobile phone top-ups. Cash
machines with similar functions are
also found in Spain, although there
has been a slightly greater decline
in cash machine provision than
in Portugal as electronic banking
increases.
Countries such as France, Germany,
Italy and the UK have relatively
similar patterns of cash machine
provision per million inhabitants.
The number of cash machines in all
four countries has been stable over
the past five years ranging from
800 to 1,100 cash machines per
million inhabitants.
The Scandinavian countries of
Denmark, Finland and Sweden
along with the Netherlands had the
lowest number of cash machines
per million inhabitants in 2014
ranging from 333 to 448. The most
significant fall in these countries
since 2008 was in Finland where
the number of cash machines per
million inhabitants has fallen by
a third. The limited provision and
general decline in the number of
cash machines in these countries
can be attributed to a change in
customer behaviour, and a growing
emphasis on a cashless society
in these countries. The increasing
burden of regulation along with
reduced demand for bricks and
mortar banking resulting from the
increasing popularity of online
and mobile banking has also kept
cash machine provision in these
countries low.
Post-soviet countries and countries
with rapidly expanding fledgling
banking sectors have seen some of
the greatest gains in cash machine
estates. The main examples of
this are Brazil, Russia, India and
China (the ‘BRIC countries’). These
four countries offer a less uniform
provision of cash machines to their
inhabitants than the countries of
Western Europe. In recent years
India has shown a significant
increase in cash machine provision,
with the number of machines per
million people more than doubling
between 2010 and 2014. Growing
use of banking services by India’s
population is expected to increase
the demand for more convenient
methods of accessing cash. Brazil
has seen less change during this
period than other BRIC countries,
due to its more mature banking
industry, which means that cash
machines have been common for
many years. In 2014 Brazil had
892 cash machines per million
inhabitants, broadly similar to the
EU average.
In Thailand, there is no fee
for domestic same-bank
same-province transaction.
However, customers usually
pay a fee for withdrawal
or balance inquiry at other
banks’ ATMs or in a province
other than the province
where the account is opened.
In India, you can make
religious donations through
ATMs that large banks have
installed in many temples.
Use of cash machines – volume of withdrawals
The number of cash withdrawals
per adult depends more on
the population’s spending and
budgeting habits than the number
of cash machines provided. The
UK population makes heavy use of
cash machines despite having only
slightly more cash machines than
the EU average.
Cash machines in Belgium and
Portugal are also well used, with
these two countries showing
relatively high numbers of
withdrawals per adult. Italian
adults make on average a third
of the number of withdrawals
made by UK adults – visiting cash
machines less than once a fortnight.
Despite extensive provision of cash
machines in Italy, many Italian adults
still do not hold a plastic card for
withdrawing cash from a machine,
although this number is increasing.
Few transactions per head are
seen in the Scandinavian countries.
While these cash machines are
relatively well-used by customers,
individuals make only around thirty
transactions per year.
Whilst Germany has just over half
the number of withdrawals as the
UK, the average transaction value
is approximately double that of the
UK. Italy had the lowest number
of withdrawals in 2014, however
they also had the highest average
transaction value. The higher
average transaction values in
these countries may be attributed
to lower debit card penetration
and card accepting businesses in
these countries compared to other
western European countries.
The number of ATMs in the
UK reached 70,180 in July
2015, surpassing 70,000 for
the first time – of which over
50,000 are free-to-use.
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10. Automated payments
Direct Debits
Direct Debits are mainly used to pay
regular bills. The average number of
Direct Debits per inhabitant in the
UK is above the EU average. The
highest number of Direct Debits per
inhabitant of any of the European
countries is seen in Germany, with
the number of Direct Debits per
inhabitant being twice as high as
the number in the UK. A significant
proportion of these payments in
Germany are made by businesses,
with Direct Debits the most widely
used payment instrument. This is in
contrast to the UK where businesses
do not use Direct Debits to make
payments as frequently, with Direct
Debits being predominantly a way
for consumers to make payments.
German retailers are also able to
use the account details on a debit
card to initiate a Direct Debit at the
point of sale, which the customer
authorises by signature. This is a
popular method for retailers to
receive payment as it is cheaper
than a card transaction authorised
by a PIN.
The Netherlands also have a high
level of Direct Debit use, just slightly
above the level in the UK. Banks
in the Netherlands offer several
types of Direct Debit providing for
Germany Netherlands United
Kingdom
France Belgium United
States
Australia Sweden Brazil Canada South
Africa
Singapore Italy Switzerland Russia India
Number of Direct Debit payments per inhabitant, 2014120
69
57
54
47
45
38
33
28
21
15
10 10
7
0.6 0.2
specific needs (for example, there is
a debit used for purchasing lottery
tickets, which unlike the UK has no
payback guarantee). In France, it
is mandatory to pay utility bills by
Direct Debit. This perhaps explains
the wide use of this payment
method; however, large corporates
do not have to pay this way, and
tend to avoid using Direct Debits in a
similar way to their UK counterparts.
In the EU, growth of Direct Debits
per capita in recent years has
been greatest in countries such as
Germany and Belgium.
Some of the differences in usage
between countries could arise as
a result of differences in how easy
it is to set up a Direct Debit, legal
rules surrounding their use, or costs
to billers of using this method of
payment collection.
Whilst the ‘BRIC countries’ (Brazil,
Russia, India and China) have all
experienced significant economic
growth over the past decade, their
use of Direct Debits varies.
In Brazil, Direct Debits are a well-
established payment method and
are normally used for recurring
payments such as utility bills. The
number of Direct Debits per capita
in Brazil has grown considerably
in recent years, with growth of 11%
in 2014 alone. This growth may be
attributed in part to the introduction
of the so-called ‘Authorised Direct
Debit’ which allows creditors to
present electronic bills to debtors,
which can then be paid either by
Direct Debit or by an individual
credit transfer.
Direct Debit use is far more limited
in the other BRIC countries. In India
for example use is very limited, but
starting to grow – Direct Debits
in India have the advantage for
the payer that they can set a
ceiling on the amount that can
be debited from their account for
any particular type of payment. In
Russia Direct Debit use per capita
appears to have actually declined
in recent years, standing at only
0.6 payments per capita in 2014.
Source: BIS Red Book 2015Note: Data for Germany relate to 2013. Data reflect all payments (consumers and businesses), not just those made by consumers
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11. Electronic credits
Whilst use of credit transfers is
widespread throughout Europe,
there are differences in the level
of use of electronic credits, in
spite of the maturity of this
payment method.
Due to different payment
preferences there is variation of
one method over another, whereby
a country with a low level of
Direct Debits has high volumes
of credit transfers. An example of
this is Sweden where wider use of
electronic credits than of Direct
Debits arises as a result of the
popularity of two retail payment
systems, Bankgirot and PlusGirot.
These systems are jointly responsible
for over 90% of non-cash payments
made by Swedish companies and
households. The majority of Swedish
companies hold accounts with
both systems, and in recent years
have increasingly adopted the use
of electronic invoices. Businesses
submit their payment orders almost
exclusively by electronic media,
whilst households are increasingly
using internet banking to initiate
payments.
The Netherlands has a high usage
of both electronic credits and Direct
Debits. This can be attributed in
part to Dutch domestic debit cards
not being able to be used online.
Rather, online payments use a
specialised method called iDeal.
This enables payments to be made
directly from the customer’s bank
account to the bank account of the
online retailer. As well as the use of
electronic credits by households,
almost all remote payments
between Dutch businesses are
made in the form of credit transfers.
The Netherlands and Sweden both
have relatively mature markets for
electronic credits. In other countries
the level of electronic credits
per capita are lower; however,
most countries have seen recent
growth in electronic credit use. In
the USA growth has been driven
by consumers moving away from
using cheques to pay regular bills
and towards internet-based bill
payments. Even where cheques
are still used to make payments,
the introduction of image-based
cheque processing in the USA has
resulted in many of these cheque
payments being converted into
automated credit payments by
merchants and billers following
receipt of the cheque.
The UK makes extensive use of
direct credit payments which are
often salary payments, with the
number of payments per capita
being double the number seen in
the USA or Canada. The UK also
benefits from having a near real-
time payments system – Faster
Payments. When Faster Payments
was introduced in the UK in 2008 it
was the first new domestic payment
scheme to be launched in 20 years.
It is a near real time system enabling
internet and phone payments to be
made 24 hours a day, seven days
a week. The table overleaf shows
when real-time payment systems
were launched in different countries
around the world. It also shows
operating hours for those services
that do not operate 24-7 – notably
many only operate during business
hours. The UK was the fourth
country in Europe to launch such a
real time service, although services
in Turkey and Iceland are not 24
hours – which means the UK is the
second European country with a
full 24-7 service. Several countries
(notably the USA) are developing
and introducing similar immediate
payment systems.
Number of credit transfer payments per inhabitant, 2014
122
121
117
99
77
76
61
53
52
30
29
22
20
Belgium
Netherlands
Switzerland
Sweden
Germany*
Australia
United Kingdom
Brazil
France
United States
Canada
Italy
Russia
South Africa 13
Japan 12
Singapore 7
China 2
India 1
*Note: Data for Germany relate to 2013. Data reflect all payments (consumers and businesses), not just those made by consumers.
Source: BIS Red Book 2015
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12. Timeline of real-time payment systems across the world
Asia, Australia and Africa
North America,
South America and Europe
1973
1987
1995
2000
2001
SIC
Switzerland was the
first country in the
European region to
implement real-time
payments
Greisöluveitan
(operates 09.00–16.30)
Iceland was the third
country in the European
region to implement
real-time payments
Zengin
(operates 08.30–16.40)
Japan was the first
country in the world to
implement real-time
payments
CIFS
Taiwan was the second
country in Asia to
implement real-time
payments
HOFINET
South Korea was the
third country in Asia to
implement real-time
payments
2006
RTC
South Africa was the
first African country to
implement real-time
payments
2011
NIP
(operates 08.00–17.00)
Nigeria introduced
real-time payments
in 2011
2010
20001990 2010 2020
IBPS
China introduced
real-time payments
in 2010
2014
FAST
Singapore introduced
real-time payments
in March 2014
2017
Australia
IMPS
India introduced
real-time payments
in 2010
2002
SITRAF
(operates 07.30–17.00)
Brazil was the first
country in South
America and among
BRIC nations to
implement real-time
payments
2012
Express Elixir
Poland implemented
real-time payments
in 2012
Nets
Denmark implemented
real-time payments
in 2014
BIR
Sweden implemented
real-time payments
in 2012
2014
SEPA
2018
USA
TCH real time payments
service to go into
production in 2017, with
a launch date to be
confirmed. Bank
participants may run
pilots before launch.
TBC
TIC-RTGS
(operates 08.30–17.30)
Turkey was the second
country in the European
region to implement
real-time payments
1992 2004
SPEI
Mexico was the first
country from North
America to implement
real-time payments
TEF
Chile was the second
country in South
America to implement
real-time payments
Faster Payments
The UK was the fourth
country in the European
region to implement
real-time payments
2008
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13. Cheques
Cheques and paper credits are used in many major
economies around the world. Data for a range of EU
countries as well as Canada, Australia and the USA are
presented opposite. Standalone paper credits (also called
paper giros) are included, having long been used in various
northern European countries to pay invoices and bills in
place of cheques.
The general trend in all markets
is for a shift away from cheques
to electronic payment methods.
However, there is still considerable
variation in cheque use across
the countries examined with
the rate of decline varying from
around 10% per annum in the UK,
Australia and Sweden to around
5% in France, Italy, Canada and
the USA. This decline can mainly
be attributed to more people
using other payment methods
such as Direct Debits, automated
credits or card payments to pay
regular bills such as rent, insurance
premiums and utility bills. There
are also a declining number of
retailers and businesses across all
countries (including the UK) who
are still willing to accept cheques
from consumers for everyday
transactions.
Over the past few years cheque
use in the UK has been consistently
declining and this trend continues.
As a result the UK is in the middle
of the group of countries surveyed
in terms of the volume of cheques
written per capita. Whilst cheques
mostly remain free of charge to
personal customers in the UK,
more people are choosing to use
electronic bank-to-bank transfers,
particularly initiated through
online banking. Online payments
are popular due to their perceived
convenience such as the ability
to set up standing orders and to
make immediate or forward-dated
payments at any time. Many utility
companies in the UK offer discounts
to customers who pay by Direct
Debit (which offers the payment
recipient certainty of payment date
and lower processing costs) as
opposed to other methods such as
cheques.
Since 2001, there have been more
electronic payments than cheque
payments made by UK businesses.
Despite this, there remain a small
number of businesses who are
unwilling to provide their bank
details to enable customers to make
electronic payments to them: either
because they do not wish to be
burdened with checking their bank
accounts to reconcile payments to
them; or because they are unable/
unwilling to become accredited
receivers of Direct Debits. These
businesses tend to be smaller
service-providers such as sole
traders, as well as small shops and
schools. They continue to receive
cheques and value them for the
flexibility they offer.
Number of cheques per inhabitant, 2014
45
38
18
13
10
7
6
4
United States
France
Canada
Singapore
United Kingdom
Australia
Brazil
Italy
India 1
Japan 0.5
South Africa 0.4
China 0.4
Germany 0.4
Belgium 0.3
Sweden 0.002
*Note: Data for Germany relate to 2013. Data reflect all payments (consumers and businesses), not just those made by consumers.
Source: BIS Red Book 2015
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14. Cheque imaging across the world
In the UK the Cheque & Credit
Clearing Company is currently
developing plans to increase
convenience and cheque clearing
speed for customers and deliver
efficiency in cheque processing
by moving to a system based on
images of cheques (rather than
transport of the physical cheques as
at present). However, image-based
processing systems have existed
in other countries for a number of
years. The USA, Germany and much
of the rest of Europe, India, China
and some other Asian countries
have image-based processes in
place. A selection of these are
summarised here.
USA: The USA enacted the ‘Check
21 Act’ in 2003, allowing an
electronic ‘substitute cheque’ to be
created from the cheque’s image
for the purposes of processing,
eliminating the need for further
handling of the physical document.
Since then, processing has gradually
transitioned from paper cheques
to electronic images, with almost
70% of all institutions receiving
images as of January 2013. The FED
states that ‘by shifting to electronic
collection and presentment, the
Federal Reserve reduced its per
item cheque processing cost by
over 70%’.
Germany: An image-based cheque
collection procedure was introduced
in Germany on 3 September 2007,
with the process being managed
by the Bundesbank. This has
significantly reduced the costs
and also the time required for
cheque clearing.
India: Under the Negotiable
Instrument Act, 1881, cheques had
to be presented physically to the
bank branch on which they are
drawn. The Act was amended in
2001 to allow scanned cheque
images, paving the way for the
cheque truncation initiative that
went live in February 2008 in the
New Delhi region. Another cheque
truncation project is planned for
Chennai in south India.
Singapore: Banks in Singapore
use the Cheque Truncation System
(CTS), an online image-based
cheque clearing system introduced
in 2003. Cheques are scanned
into CTS when deposited at the
bank, and their electronic images,
rather than the physical cheques,
are then transmitted through the
clearing cycle. Cheque format is
standardised in this system.
Sweden: The use of cheques in
Sweden is very limited. All cheques
are truncated, that is, the presenting
bank retains the physical document
and the information is transmitted
by electronic media to the drawer’s
bank.
China: Launched in June 2007,
CIS is a cheque truncation system
supporting the use of cheques
nationwide. It converts physical
cheques into images, and then
transmits the cheque image
and related information to the
drawer’s bank.
At the top end of the spectrum
the USA still makes extensive use
of cheques. Nevertheless, the total
number of cheques written in
the USA has been declining over
the past few years, with a decline
of almost 40% in the number of
cheques per inhabitant between
2010 and 2014. This trend has
been supported by the long-term
migration of state benefits from
cheques to other methods of
payment. More cheques are also
being converted into electronic
payments processed through the
Automated Clearing House (ACH)
system. The US payments industry
has made considerable investment
into automation in recent years,
focusing on improving efficiency
through cheque imaging rather than
the clearing of paper cheques. Due
to this the number of cheques being
physically paid into banks is falling
more rapidly than the number
of cheques being written. ACH
rules prevent high-value cheques
being converted into electronic
payments using image-based
processing, which means that the
average value of cheques paid in
as electronic images is significantly
lower than the average value of
physical cheques deposited. A high
percentage of business-to-business
invoices are still settled using
cheques. Migration to electronic
payments is perhaps hampered by
the lack of a real-time electronic
payments system in the US.
Cheque use is lower in Canada
than the US and continues to
decline rapidly, with payments
instead being made as Direct
Debits or direct credits processed
as Automated Funds Transfers
(AFTs). Previous government
cheque payments, such as benefit
payments, are now paid directly
into the payee’s bank account.
There is also a strong drive to
encourage businesses to switch
from cheques to direct deposit.
Cheque transactions have dropped
by a third between 2010 and 2014.
In Australia, cheque volumes have
fallen by around 46% over the
last five years and are forecast to
decline further. However measures
have been put in place to ensure
that cheque users can still benefit
from and participate in the
emerging digital economy.
Similar to many other European
countries, cheques are rarely used
in Germany. The role of cheques in
Germany has decreased as debit
cards have become more popular.
As a result there were just 0.4
cheques written per capita in 2014.
This can partly be attributed to
corporate cheques being banned
since 2002, with only a very small
number of personal cheques
being used. A number of regular
payments, such as rent and wages,
traditionally use direct transfers
rather than cheques. Invoices are
often accompanied by pre-printed
paper credits, or Überweisungen,
which show the payee’s account
details and the amount payable.
These are submitted by the payer
in a bank branch, after which the
bank will transfer the required
amount. It is also common to
allow the payee to automatically
withdraw the requested amount
from the payer’s account, known as
Lastschrifteinzug.
The history of the cheque
dates back to the 13th
century in Venice when
the bill of exchange was
developed as a legal device
to allow international trade
without the need to carry
around large amounts of
gold and silver.
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15. Mobile payments
The creation and expansion of the internet has opened
up opportunities for payments innovation, as has the
growth of mobile networks. Across the world, the recent
proliferation of smartphones has also been a significant
driver of innovation in payments.
Smartphones support more advanced
applications and in so doing, have
encouraged the development of both
mobile banking and mobile payment
services. Research shows that
smartphone users, including those in
the UK, lead the way in adopting and
using mobile payment technologies.
The term ‘mobile payments’ is used
to refer to various services that take
advantage of the new and emerging
mobile technology that has become
ubiquitous in recent years. These
services include:
• Person-to-person (P2P)
payments made using a mobile
device (typically using an app or
a text-message based system)
• Contactless payments, using the
mobile device as a conduit to
initiate a contactless card transaction
• m-commerce, using the mobile
device as a method to conduct
online shopping, paying for goods
with whatever payment method
the customer prefers (typically
cards, possibly hosted in a mobile
wallet). This can also be used to
make an in-app payment to pay
for something in a physical store,
using the consumer’s device as a
‘mobile checkout’
There are also many other types
of services that can be delivered
using mobile technology, but we
will limit our discussion to these
three key categories.
P2P payments
The latest and potentially most
revolutionary innovation in mobile
payments, is in the form of P2P
payments via a mobile device. For
a number of years, individual banks
have enabled their customers to
initiate payments from their mobile
banking apps. However, Swish in
Sweden and Paym in the UK have
now been developed to provide
cross-industry services in their
respective countries that provide
a common service to customers of
all participating banks. In particular,
Paym has the advantage that
payments can be directed using just
the mobile phone number of the
payment recipient, rather than the
payer having to know the recipient’s
account number and sort code.
At the end of 2015, more than 3.2
million customers had registered
to receive payments via Paym
(although anyone using mobile
banking services via a participating
financial institution can send
payments via Paym).
Both of the services in Sweden
and the UK are underpinned by
payments infrastructure, which not
only allows for the easy transfer
of money, but settles the payment
made between accounts almost
instantaneously. In both cases it is
cross-industry collaboration that
has resulted in delivery of this
infrastructure and the subsequent
development of other cross-industry
initiatives that benefit the customer.
for emerging markets where
there are a significant number
of unbanked individuals. M-Pesa,
unlike Paym, does not require you
to have, or is not linked to, a bank
account and is run by a mobile
phone company and not through a
payment clearing scheme.
Beyond these examples, mobile
P2P payment services also exist in
countries including the USA, India
and Japan. However, the UK’s Paym
service has a number of benefits
over the services offered in these
other countries:
• For P2P mobile payment services,
the UK and Japan operate the
only free-to-use systems (Swish
in Sweden is free for the first year
but charges thereafter)
• The UK provides one of the
fastest services (for example,
the P2P service in the USA takes
1–3 business days to complete
the payment)
• Paym in the UK is the only
service surveyed that enables
payments from consumers to
businesses (SMEs are allowed
to use Paym)
The Faster Payments Service and
LINK payment schemes in the
UK and BiR in Sweden provide
the infrastructural foundation to
enable customers to make mobile
payments almost instantaneously
and to exercise control of their bank
balances, as they are able to see
what has gone in and out of their
accounts in real time without having
to deal with the uncertainty of
knowing when outgoing payments
will be deducted. Also, despite
being delivered on a cross‑industry
basis, mobile payment services
such as Paym and Swish allow
the participating institutions to
differentiate their services in other
ways, stimulating competition in
the market.
Mobile payment options naturally
reflect market need, but also
the range of existing payments
infrastructure including for example
limited bank branches in rural areas,
as well as customer appetite for,
and increasing use of, smartphones.
In Kenya where 40 per cent of the
population are unbanked, M-Pesa,
which offers customers an SMS
based, person-to-person mobile
payment service, has taken off
and been adopted by more than
two-thirds of the adult population;
a rate that far surpassed initial
predictions. The first year user
target was met after just four
months; helping the service to both
fuel economic development and
contribute to improving financial
inclusion in the country.
The success of M-Pesa underlines
the importance of mobile payment
services being designed with
the needs of customers in mind.
M-Pesa’s success is undoubtedly
influenced by the fact that the
service was specifically developed
Two thirds of people in the UK
now own a smartphone, using
it for nearly two hours every
day to browse the internet,
access social media, shop
online and do their banking.
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16. Contactless payments
The development of Near Field
Communications (NFC) technology
has been another key driver of
payments innovation in a number
of markets. Japan’s mobile
payments market is largely based
on contactless technology and there
are plans by companies already
active and successful in Japan
such as NTT Docomo to expand to
other countries. Companies beyond
traditional payment service providers
have found themselves ideally placed
to develop innovative services;
these include telecommunications
operators (including NTT Docomo)
and the manufacturers of mobile
devices and software, such as Apple,
Samsung and Google.
The UK’s rapidly-developing market
for mobile payments has made it
a key location for the launch and
development of services that allow
mobile devices to be used to initiate
card payments. In particular, the
transport sector has been fertile
ground for contactless technology
around the world, as transport
operators seek to cut queues
and enable flexible pricing. The
launch of contactless payments on
Transport for London services is one
example of how the introduction of
contactless payments on a major
transport network can lead to
increased uptake and use of mobile
payments in the wider economy, as
consumers become more familiar
with the technology and start to
use contactless payments in other
environments (such as retail stores).
The UK was the first country
outside the USA in which Apple Pay
services were launched. This service
operates with the most recent
mobile devices sold by Apple,
and facilitates contactless card
transactions at the point of sale
(as well as in-app purchases made
using the device). Apple Pay is
accepted on Transport for London
and at many retailers who already
have technology in place to accept
contactless card payments.
Samsung Pay, a similar service to
Apple Pay offered via Samsung’s
mobile devices, is also expected to
launch in the UK soon, following
its initial launch in South Korea in
August 2015 and its expansion to
the USA in September 2015. It is to
be expected that Google’s Android
Pay service will not be far behind.
m-commerce
UK consumers are showing great
willingness to use their mobile
devices to conduct banking and
shopping activities. In 2014, 29% of
UK consumers used mobile banking
services at least once a month. UK
consumers spent £175 billion online
in 2014, and approximately 37% of
these online card transactions were
completed via a smartphone or
tablet. As technology becomes more
widespread and consumers become
ever more comfortable with using it,
it is to be expected that the number
of payments initiated via mobile
devices will continue to increase.
At present, the majority of these
payments in the UK are underpinned
by the card payment schemes.
This is in contrast to countries such
as the Netherlands, where online
services allow consumers to pay at
the online checkout by initiating an
electronic transfer directly from their
bank account to the retailer’s bank
account. Similar services could be
expected in the UK as the European
Payment Services Directive 2 comes
into force, permitting third party
providers to develop and offer these
services online.
World Class Payments – a report on how consumers make payments around the world 3130 World Class Payments – a report on how consumers make payments around the world

17. Payments UK is the trade association launched in June 2015 to support the rapidly evolving payments
industry. Payments UK brings its members and wider stakeholders together to make the UK’s payment
services better for customers and to ensure UK payment services remain world class.
Payments UK
2 Thomas More Square London E1W 1YN
T: 020 3217 8200
E: worldclasspayments@paymentsuk.org.uk
paymentsuk.org.uk
Once a quiet corner of the financial world, the
payments industry is transforming like never
before. Technological advances, new players
to the market, fresh regulation coupled with UK
customers’ appetite for more convenient and
improved services mean that change is inevitable
and there is enormous potential for the UK
payment markets to continue to lead the way.