Cash is no longer king!Posted by James Howard / September 21st, 2016 / No responses
Figures provided by the British Retail Consortium (BRC) have shown that card payments were used in 53% of transactions.
Debit cards are being used more frequently for lower value payments on the high street, the British Retail Consortium (BRC) said, this change was partly the result of the surge in banks adopting contactless technologies such as Apple Pay and Android Pay.
The published figures for 2015 showed cash was used in just over 47% of all retail transactions, down from 52% the previous year – this is a 20% drop since the last report which was published back in 2011.
Tom Ironside, director of business and regulation at the BRC has had the following to say -
“It seems that more and more of us are turning to our debit cards to make payments especially as new contactless technology is proving incredibly popular for those lower value transactions that used to be the mainstay for cash.”