News by Topic
- Search Marketing
- Email Marketing
- Loyalty Marketing
- Mobile Marketing
- Social Marketing
- Viral Marketing
- Trends & Ideas
- Internet Marketing 101
BRC: Cash remains UK's dominant payment method
Mobile payments may be on the rise in the U.K. but the use of cash continues to be the dominant form of payment, according to the latest figures released by the British Retail Consortium.
While the percentage of transactions paid for in cash has fallen by 10% to 53% over the past five year, thanks in part to the increased availability of self-service check-outs, mobile payments, online sales and contactless cards, 53% of transactions were in cold, hard cash.
However, the BRC's Director General, Helen Dickinson, says that the 14% decrease in cash use over the past five years is "a milestone in the development of our digital economy" and demonstrates that consumers and retailers alike are evolving and adapting to new technologies.
The BRC's study included 60% of retail sales during 2013 and found that:
- 53% of transactions were in cash, with an average value of £9.47;
- 32% of transactions were with debit cards, with an average value of £27.58;
- The remaining 15% of transactions consisted of credit and charge cards and "other" non-card payment methods.
Findings of a study by mobile solutions firm Oxygen8, released in March this year, reveal that the use of mobile payments in the UK is currently a long way off mainstream. A third of adults in Oxygen8's study (age 18-44) said they had never used their mobile device to make a payment, despite having the ability to do so.
Image via Shutterstock
- How travel brands can do more with data
- Expert: What retailers need to know about EMV
- Study: Utility apps take most of ad spend
- Holidaymakers swindled out of £2.2 million in 2014
- Brits warming to biometric technology for online banking access
- Banks missing out by focusing mobile banking ads on television
- Top 3 tips to add personality to your targeting
- Will 2015 be The Year of Mobile?
Featured White Papers
- Analyzing the Value of Responsive Design Can Be Messy
Responsive web design is an integral part of customer engagement in our multi-device world. But the additional costs and resources...
- Mobile Email Guide: Design strategies to help you capture mobile clicks
On average, about 40 percent of e-mail opens come from mobile devices and tablets. Mobile subscribers are less engaged because...
- Avoid these common pitfalls when choosing a cloud CRM
Organizations are frequently turning to SaaS solutions for their CRM needs. But there are risks when deploying any solution at...
- 2015 Social Marketing Planning Guide
2015 is going to be a great year for social marketers, but to make the most of it you'll need...