19 March 2020

How coronavirus is sharply impacting Starling‘s customer spending

Written By FinTech Alliance in Payments

How coronavirus is sharply impacting Starling‘s customer spending

The bank shared how their account holders are spending differently during the week to Monday 16 March.

In Brief:

  • Spending on holidays dropped 13 per cent with the top merchants for holidays like Airbnb, British Airways, Booking.com, easyJet and Ryanair seeing an 18 per cent decline in the average transaction value.
  • Grocery shopping spiked. Starling reports “spending levels were akin to those we typically observe at Christmas”.
  • Fast food and takeaway purchases had not jumped yet: Starling reported a 4 per cent fall for the category, and said it hadn’t seen a big uptick with merchants like Deliveroo and Just Eat.

What this means

Starling's data offers a barometer for the first wave of Covid-19 business fallout. The coming weeks will paint a clear picture of just how consumers are shifting and contracting their spending - and which sectors will benefit and suffer.

Read more

 

Up Next ...
05 November 2024

MeaWallet Introduces New Features to Support Click to Pay, Enabling Safer, Faster Online Shopping

MeaWallet product updates support businesses facing mandatory regulatory requirements that state they must support Click to Pay

05 November 2024

Nium and HyperGuest Join Forces to Streamline Payments for the Travel and Hospitality Industry

This partnership will enhance payment efficiency and security for HyperGuest’s global network of travel and accommodation partners with Nium’s virtual card solution...

05 November 2024

Mastercard's 'Pay Local' Brings Global Payment Access to Digital Wallets

This initiative particularly benefits travelers, as it eliminates the need to preload prepaid accounts, making global payments more seamless

04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

More in Payments

Paymentology partners with Sopra Banking Software

25 April 2024

Aimed at delivering comprehensive card issuing services. In brief:- The strategic ...

Banking Circle Business AML team best-in-class

11 April 2024

Banking Circle Business AML team recognised for best-in-class strategy. In brief:- ...

Klarna launches data hub

05 April 2024

Including facts on how Brits use its credit products.In brief:- ...

Visa and Mastercard lower fees

27 March 2024

Visa and Mastercard reach $30bn interchange fee settlement with merchants.In ...

White Papers Payments

Deloitte and Mambu guide to Buy Now, Pay Later

02 October 2023

Buy Now, Pay Later (BNPL) is finance for the digital age. This report focuses on the online BNPL mar...

White Papers Payments

Building a business card program in today’s digital fist landscape

12 June 2023

For many financial institutions (FIs), the rapid transformation to a digital-first mentality greatly...

White Papers Payments

The Case for Payments as a Service

28 March 2023

The demands on financial services technology have increased significantly and the pace of change con...

White Papers Payments

How the rise of PayTech is reshaping the payments landscape

28 March 2023

PayTechs’ relentless disruption means that only banks and payment service providers that offer “valu...

There are no Events in this category