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
- Survey IDs best cities for small businesses
- Expert IDs trends to watch in mobile video
- Researchers developing a super-adblocker
- Expert: How retailers can improve tentpole events
- With rise of connected Gen Y, retailers must be fit for the future
- Gaming video content audiences exceed those of HBO and ESPN
- Apple Pay adoption and use continues to wane
- Study: Mobile becoming a loyalty draw
Featured White Papers
- Learn Why 83% of Advertisers Are Reporting Superior Outcomes With People-Based Ads
Traditional digital display advertising doesn't work. The information in this report is based on an online survey of 350 senior...
- 2016 Email Marketing Metrics Benchmark Study
To build a world-class marketing program, it's crucial to compare yourself to the best performers - but competitor data can...
- 10 Ways to Use Customer Lifetime Value to Reinvent Your Marketing Strategy
CLV insights can help you to attract high-margin customers, target clusters of customers with untapped value, and retain high-value customers...
- 16 Innovative Loyalty Programs of 2016
Engaging customers in a loyalty program is no easy feat. Read how 16 brands grabbed headlines in 2016 by launching...