David Steed CTO PayPoint plc Replacing Cash.

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Presentation transcript:

David Steed CTO PayPoint plc Replacing Cash

Payment Myths Things change slowly in payments Change in payment behaviour is consumer led Cash will be around forever

How do you change consumer payment behaviour? Volume of Transactions 1990 2010 Credit Card 0.6bn 2bn Personal Cheques 4bn 0.8bn PayPoint 0.6bn

How have we moved consumer behaviour so fast? Bill Payments What does the recipient want – low cost and universality Lowest cost payment is Direct Debit Universality is cash – how do you make cash cheap – don’t collect it. How do you change customers’ behaviour fast – mandate it Mobile Phone Payments Cash cost in car parking is very high Mobile parking revenue is much higher Electronic enforcement costs lower

Why won’t cash be around forever?