Polar Moment's Payments Perspective: December 2024

Welcome to the December edition of Polar Moment’s Payments Perspective! Let’s take a look at what happened in the world of payments last month.

British Retail Consortium Payments Survey

The British Retail Consortium (BRC) published its payments survey last month. The survey reports a rise in the use of cash for the second year in a row to 19.9% of transactions in 2023 (from 18.8% in 2022).

Debit cards remained the most common method of payment, increasing to 62.0% of transactions (66.7% by spending). Taken together with credit cards, card payments accounted for over 75% of transactions and 85% of spending.

Future Roadmap For The RTGS Service

The Bank of England has shared an update on the roadmap for their Real Time Gross Settlement service, highlighting how close engagement with users is supporting innovation in a number of key areas.

Future enhancements could include enhanced access, extended settlement hours and innovative synchronised payments. Read more here.

Revolutionising Vending Machine Payments

Polar Moment has recently partnered with All Things Nice Vending, a leading vending machine operator in the UK. Together, we’re developing a state-of-the-art payment solution for their machines, which will be placed in retailers and other outlets throughout the UK.

This innovative solution will enable seamless, cashless transactions for vending machine customers, enhancing convenience and accessibility. A demonstration system will debut at the EAG Expo, taking place next week in London.

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At Polar Moment, we are committed to delivering payments consultancy and software development services that drive tangible business results. Whether you need strategic advice, technical implementation, or training, our team is here to help. Contact us today to discuss how we can support your business.