News: Small businesses need to prepare for growth in card payments

Kozzi-credit-cards-on-the-table-883 X 588The use of card payments is expected to grow further in the next decade, with the UK Payment Markets 2013 report predicting card payments will grow by 75% from nearly 10 billion payments in 2012 to 17 billion in 2022.

The report also predicts the number of cash payments will fall from 21 billion in 2012 to 14 billion in 2022, to make way for more card and automated payments.

Many of the smaller businesses in the UK are still not equipped to take card payments, or charge their customers a premium rate to do so. These new forecasts should encourage small businesses to take up modern technology in order to accept new forms of payment.

Mobile payments are expected to grow rapidly over the next decade, with mobile payments and internet banking expected to rise from 356 million to 1.5 billion.

In 2014, the Payments Council will launch a new service to make secure account-to-account transfers using only a mobile number.

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Kasey writes about the latest small business and website news for bOnline. Find Kasey on Google+, or follow bOnline on Facebook, Twitter, LinkedIn and Google+

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