How Payments Have Been Transformed by the Pandemic

1

“Often when there are crisis situations, I think it really brings out the best in us, and it brings out the innovation. And I think we've certainly seen that in the UK across the industry during the pandemic.”

2

“The whole idea of social distancing has bought in the need to move to digital payments. Cash usage has gone down by about 60%.  Also, cheques have declined significantly. And we don't necessarily think that will go back to the pre-pandemic levels, so that would be a change that will set in.”

3

“We've also seen the need for contactless payments and an increase in contactless payments. And the FCA [Financial Conduct Authority] responded very quickly by increasing the limits from £30 to £45.”

4

“HMRC approached the payments industry setting the challenge on how they can process a high volume of payments with the furlough scheme and so on, and do it in a way where we need to guard against misdirection and fraudulent activity. And the industry came together, led by Pay.UK and its partners, to find those solutions.”

5

“One of the key ideas used Confirmation of Payee, which is a new tool and a new anti-fraud measure that we’ve put in place, and we were able to mobilise that very quickly. And it enabled HMRC to then make the right decisions on how and when to make these payments.”

6

“I think we're on a path now: consumer behaviour is changing, and that will continue to happen and the move to digital will continue to happen. And it's really a case of how the industry at large, all players in the industry, will come together to ensure to ensure that's done in a safe and innovative way.”