Barclaycard and Barclays have revealed the growing popularity of contactless payment technology in the UK, with the total number of transactions this year now reaching over one million. Since January there has been a 217% rise in monthly contactless transactions, with over 150,000 processed in September alone.
With 42,500 payment terminals in shops across the UK, there are now more opportunities than ever for the ten million Barclays and Barclaycard customers with contactless cards to make purchases under £15 more quickly and easily. Whilst contactless transactions remain a small part of overall card payments, increasing numbers of retailers and banks are committing to the technology, with contactless card holders predicted to reach 12 million in the UK by the end of the year.*
Stuart Neal, head of payment acceptance at Barclaycard commented: “The latest statistics on contactless payment show we are reaching a tipping point. The number of terminals has gone from 25,000 at the beginning of 2010, to 42,500 today, and this is before the big grocers like Co-operative begin their roll out in earnest. At a time when every penny counts for retailers, contactless helps boost customer satisfaction and reduce queue abandonment.”
Dan Wass, currents accounts director at Barclays, said: “The range of retailers offering contactless payments has grown significantly, from supermarkets, to restaurants to coffee shops all offering contactless as a quicker and easier option for their customers. Contactless offers a real alternative for traditional cash transactions, helping to reduce queues and ending consumers’ search for the correct change.”**
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Steve Husk, CEO of FRSGlobal, discusses the factors financial institutions are faced with in order to equip themselves against the current regulatory environment.
The adoption of IFRS for Canadian companies is in full swing. As of January 1, 2010, Canadian companies are required to file financial statements under IFRS. Although Canadian GAAP and IFRS are similar, there are three main differences that have posed a challenge for companies: effectiveness testing, hedge accounting eligibility, and fair value measurement. While not an exhaustive list, these issues have posed the greatest challenge for Canadian corporations during the first quarter of 2010. The following paper clarifies some of the differences in hedge accounting between Canadian GAAP and IFRS and shares best practices for hedge accounting to help Canadian corporations navigate through the transition.
With this Spring 2010 Edition of the Phone System Comparison Chart quickly see differences between brands like Avaya, Mitel, Cisco, ShoreTel, 8x8, Panasonic, etc and compare over 94 phone systems by 52 brands for small to big business.