For the first time, last year more payments in the UK were made electronically than with cash, according to figures from the Payments Council.
A year after launch, British bank-backed person-to-person mobile payments service Paym says that it has processed nearly £44 million.
The UK Payments Council has contracted with interbank messaging network Swift to provide a BIC-to-IBAN data platform, enabling the nation's banks to conform to new EU regulations on cross-border payments in the euro zone.
Up to 1.8 million UK consumers have so far signed up for UK bank-backed mobile payments service Paym, which has processed £26 million in funds transfers since its launch in April last year.
Research from the Payments Council reveals that though we have strong views on handing over control to someone else to buy our clothes, look after our pet, clean our house and make our tea, we are not giving the same consideration to how we manage our finances when external factors like poor health strikes.
The Payments Council today (22 January) published its latest dashboard for the Current Account Switch Service, covering the whole of 2014.
The British Bankers Association and the Payments Council have called for the Government to take a 'light touch' to regulation of the underlying bitcoin blockchain technology, which they say has the potential to fundamentally change the way financial assets are transferred.
The Smart Card Alliance Payments, Mobile and NFC, and Transportation Councils made significant headway in 2014, educating the industry on the security benefits of smart card technology for a wide variety of payment applications and use cases.
The UK's Payments Council has committed to explore options for incorporating richer data sets alongside business and consumer electronic payment transactions.
Customers of Clydesdale Bank, Isle of Man Bank, NatWest, Royal Bank of Scotland, Ulster Bank and Yorkshire Bank can register for Paym from today (Tuesday 18 November), adding to the number of leading UK banks and building societies offering the secure way to pay using just a mobile number.
© Finextra Research 2015