Kevin Jenkins

Consumer Spending Reaches Six Month High As Christmas Countdown Begins

Consumer Spending Reaches Six Month High As Christmas Countdown Begins

UK consumer spending growth reached a six month high in October as retailers ready themselves for the festive season. According to Visa’s UK Consumer Spending Index, shoppers’ spending rose by +2.5% last month, up from +2.3% in September – signalling the strongest rate of increase in half a year. The boost in trade was mainly fuelled by the strong performance of the service (+9.0%) and recreation and culture sectors (+7.4%), with spending on clothing and footwear rising at its quickest rate since September 2015 (+4.7%). Consumers buying their products online increased solidly (+4.3%), while in-store purchasing expanded for the first time in three months (+1.8%) – a sign that retailers better get ready for the Christmas rush. Kevin Jenkins, UK and Ireland managing director at Visa, sa... »

UK Small Businesses Favour Banks Over Alternative Payment Providers

UK Small Businesses Favour Banks Over Alternative Payment Providers

59% of UK small business owners favour traditional banks over alternative payment providers, according to a report by Visa Europe. The survey of 750 UK small business owners found that just 11% would opt to use payment services from telecoms companies, while 6% would use social media providers (6%), and 40% would use online payment services, suggesting there is a sense of distrust for alternative payment providers. Just 30% of respondents claimed to be “completely satisfied” with the range of payment options available, with this figure increasing to 40% amongst sole traders. 56% of sole traders use online banking with 32% using their debit card make online payments – suggesting they are the most comfortable with alternative payment methods. Despite this, just 9% said they accept online car... »