Mobile banking transactions doubled in 2013 March 31, 2014 MORE than 2bn banking transactions will be carried out using mobile apps this year, the British Bankers’ Association said today, in a new landmark for the industry. The number of transactions on mobile phones and other devices more than doubled last year to 18.6m per week, and the pace is accelerating. Currently 5.7m transactions are [...]
Contactless payments rising as TfL and retailers drive adoption March 12, 2014 CONTACTLESS payments on the high street jumped nearly 300 per cent last year, according to figures from Visa yesterday. Visa Europe’s director of contactless Mark Austin said that the 94.3m payments had been spurred by Transport for London’s use of contactless on buses last year and the increasing numbers of retailers installing terminals. Adoption from [...]
The week in brief February 9, 2014 McVitie’s in “family of brands” £12m relaunch United Biscuits has announced a relaunch of its McVitie’s brand, unveiling a £12m multi-media advertising campaign as part of its efforts to accelerate growth for its sweet biscuits category. The food group will introduce updated packaging as part of the campaign, which begun last week with the broadcast [...]
No more cash fares on buses February 3, 2014 London buses will stop taking cash payments from this summer, Transport for London said yesterday. Around one per cent of bus journeys are paid for in cash, with the rest using Oyster cards and contactless bank cards, TfL said. The decision, which follows a trial last year, will save TfL an estimated £24m a year. [...]
Boris tells TfL to create fares for part-timers January 29, 2014 PART-TIME workers will from next year be able to buy more flexible travel cards, the Mayor of London pledged yesterday after setting aside money in next year’s budget to fund the fares. Boris Johnson said the advent of contactless bank card payments on the Tube and bus networks makes it possible “to develop more flexible [...]
Online sales boost Visa January 22, 2014 INTERNET sales soared 18 per cent in the last year in the UK, Visa Europe reported yesterday. That outpaced overall Visa spending which increased by nine per cent in the year to September 2013, to £445bn. Online payments accounted for £110bn of that total, the credit card firm said. Meanwhile contactless payments increased four-fold on the [...]
The year in preview: Our in-depth guide January 5, 2014 City A.M.’s journalists take a wide-ranging look at what 2014 has in store for the world of finance and business BANKINGRestoring faith means costly overhaulsA CAUTIOUS optimism pervades the British and European banking system at the start of 2014. The incoming economic recovery is at last improving customers’ creditworthiness, while the hard work running down [...]
Touchless bus fares pass first year December 15, 2013 More than 6.5m journeys on London’s buses were paid for with contactless bank cards in the first year of the technology’s use, according to Transport for London. This represents less than one per cent of the 2.3bn bus trips taken, but TfL said interest in the scheme is growing as it passes its first anniversary. [...]
Upgrade work shuts out some Boris Bike users September 9, 2013 CASUAL users of Boris Bikes will not be able to use the cycle hire scheme on Saturday night or Sunday, as TfL upgrades the docking sites ahead of expansion in south and west London. TfL said the work will make it easier for members to view all the journeys they made in the past year [...]
Exclusive: Utilities firms to roll out mobile payments via bank app Zapp September 4, 2013 MAJOR utilities firms will this month announce plans for consumers to pay bills using new mobile app Zapp, City A.M. understands, in a new drive to consolidate a fragmented industry. From next summer customers will receive bills with QR codes attached, which they can scan to pay the bills with the app. Zapp, set up by [...]