Contactless payment systems on the way
From next year supermarkets customers in the UK will be able to pay for their goods via a contactless payment system with the Co-op the latest major UK supermarket to sign up to the program. These cards, which are issued by Barclaycard and Visa, simply allow customers to pass their card across a sensor which will take their details and automatically deduct money from their accounts. No PIN numbers will be required for sales under £15 although sales in excess of this figure will need to go through the "normal channels".
It will be interesting to see how the public react to these contactless payment systems because ultimately, as with the Oyster card on the London Underground, they are commonplace in other areas of the UK economy. It will also be interesting to see whether the growing number of supermarkets currently looking to sign up to the system will push other retailers towards this efficient and relatively cheap, at least for retailers, payment system.
We have seen the introduction of various contactless payment systems in the past although many of these have fallen by the wayside due to a lack of public confidence. Whether this particular move, backed by Barclaycard and Visa, is different remains to be seen.
Severn Trent Is In Touch With Its Customers
Water company Severn Trent has finally shown that there is at least one company in touch with its customers after suggesting that more and more customers will struggle to pay their bills as the price of water rises and the economy slows down. In a trading update the group commented upon the fact that bad debts look ready to rise over the next 12 months as more of the UK population are pushed onto...Read More
Royal Bank of Scotland set to wield the axe
It has been revealed that Royal Bank of Scotland boss Stephen Hester is set to announce one of the most severe cost-cutting exercises in the history of the UK banking sector. If the rumours are correct, this week could see between 10,000 and 20,000 job cuts at Royal Bank of Scotland which would decimate the workforce. The company is set to announce losses rumoured to be approaching £30 billion af...Read More
Rent costs rising twice as fast as wages
20/12/2013 The average cost of renting a home in the UK is rising twice as fast as wages, as demand for properties outstrips supply in ever more competitive market. The cost has now risen to £753 a month, up 1.6pc year-on-year from November 2012, while over the same period wages have risen by just 0.8pc and stand at an average of £1,942 before tax. While this is positive news for land...Read More
Move to green energy hitting fuel poverty suffers
Those at the very bottom of the UK income spectrum are being hit disproportionately hard when it comes to investment in green technology and green energy. This is the conclusion of a report produced by the government's Fuel Policy Advisory Group which will force the UK government to think again about the green energy policies which are currently in place. But why should green energy cost more?...Read More
Students face £25,000 debt burden on graduation
The Student Debt Survey was published today and does not make good reading for those looking at further education in the future. The expected debt which a student will be saddled with on leaving further education has increased by 5.4% since 2009 and now stands at a record £25,000! The report suggests that while the Student Loan Company is proving very useful to students, many are finding it di...Read More