So the ash cloud had a huge effect on payments made on cards in April and May 2010, according to stats from the UK Payments Council. And to add insult to injury, the sky’s no-go status was worsened by BA’s decision to strike. Card spending on airline tickets dropped by 13 per cent in the period, compared to the same time in 2009.
Meanwhile cheque usage continued to plummet, although is this really newsworthy anymore? Even in my limited experience in the Financial Sector Technology realm, I recognise that this is inevitable, with the move to scrap cheques by 2018.
As the financial markets continue to recover, we will surely see an increase in payments overall – Q2 2010 saw a drop of 0.6 per cent. However, maybe HMRC’s tax rebates, which were set to hit doormats earlier this week, will encourage a bit of spending…
Anyhow, welcome to the new chapter in FST’s blog – I look forward to meeting you, and hope you will enjoy the lighter side of the magazine…