Skip to content

Barclays sees potential in payments

Payments in the first quarter accounted for eight per cent of Barclay's total income last year. The figure is expected to reach $900 million in three years.

Barclay's statement of account in the first quarter shows that Payment accounts for eight per cent of Barclays' total income - £1.7 billion last year. The information was revealed by Jes Staley- CEO of Barclays, on an analyst conference call about the bank's first-quarter results.

Barclays CEO Jes Staley|Source:Barclays

In three years, Stanley expects the figure to grow to about $900 million, with double-digit growth in three areas: unified payments, "next-gen" commerce, and wholesale payment fees.

The company recently collaborated with Amazon in Germany to diversify into the buy now, pay later sector. The initiative, which is currently being extended to the UK, offers customers a rolling credit line for purchases from Amazon.

"This will grow our presence in e-commerce in two of the largest markets in Europe. Our partnership with Amazon reflects our growing focus on payments." Barclays CEO Jes Staley

"Barclays is the only major bank-owned acquirer in the UK and has managed to slash on-boarding times in the last couple of years from 14 days to two days through digitisation."

However, "we still have a long way to go," Staley said. The most important investment Barclays will make in the next five years is to connect our small business banking and our merchant acquiring business, particularly as it relates to e-commerce," he added.

These days, the bank is working on an initiative called Barclays Cubed to connect merchants and customers better.