A study conducted by the British Retail reveals that, even though cash amounted to 53% of the number of transactions in 2013 and debit cards for just 32%, in terms of the value of transactions cards accounted for 50% of transactions.
Findings also indicate that the average costs to a retailer to process a credit or charge card payment has increased by 18%, to 41 pence, in the past 5 years. Debit card payments, on average, cost 8.8 pence to process up 4% over the same period.
The European Union is currently working at a plan to cap how much banks can charge retailers to process card payments.
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