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BizReport : Trends & Ideas archives : July 17, 2017

Cards overtake cash in UK payments

According to the British Retail Consortium's latest annual payments survey, card payments now exceed cash payments in the UK.

by Helen Leggatt

Card payments now account for more than 50% of payment transactions, reports the British Retail Consortium (BRC). Last year, the share of debit card payments grew by 4.5% to almost 43% of all retail transactions. In comparison, cash saw a 4.9% decrease in its share of retail purchases to account for 42%.

The rise of contactless payment options coupled with the growing number of retailers investing in payment technology both online and in-store has boosted the use of cards, says the BRC.

"A growing number of retailers have invested in payment technology to accept cards, contactless payments and new payment applications both online and in store," says Andrew Cregan, policy advisor for BRC.

"In part, this has been facilitated by the Interchange Fee Regulation (IFR), which was introduced across the European Union following a successful campaign by the BRC and has led to a significant fall in the cost of collection that benefits retailers and their customers."

Tags: Europe, payment technology, payment trends, research

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