SmartDebit comment on the rise of non-cash payments in the European Union

(PRWEB UK) 23 September 2012

The 90.6 billion non-cash payments last year represent a rise of nearly 5 per cent on figures reported in 2010. Of those payments, 37.2 billion (41 per cent) were made using cards, an increase of 8.7 per cent from 2010. The increase of non-cash payments can be attributed to the rise of card terminals within the EU; up 3.2 per cent from last year to 8.8 million.

Direct Debits made up 24 per cent of the non-cash payments in 2011 and credit transfers 27 per cent. The report also shows the ratio of paper-based transactions to non-paper-based transactions has continued to decrease, now standing at one to five. Cheque usage is also virtually extinct within the EU, now accounting for less than 1 per cent of all non-cash payments in 17 of the 27 member states.

SmartDebit, a leading UK Direct Debit Bureau, has specialised in payment processing for over 14 years including cheques and card processing. A spokesperson from SmartDebit commented on the state of cashless payments across the European continent.

The report from the ECB is aligned with the evolution of the payments industry and the technology that accompanies it in todays world. Reports suggest that consumers find cashless payments more efficient as well as allowing them to effectively manage their finances when it comes to paying regular bills. Our service provides organisations with the ability to administer paperless Direct Debits. One of the many benefits being that the customer sign up process is quick, accurate and most importantly, secure.

SmartDebit are the UKs leading Direct Debit Bureau, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring Excellent in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.

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