Cash payments fall behind, card payments gain terrain

Monday 2 June 2014 11:57 CET | News

Cash payments have fallen behind with 14% in use over the past 5 years, while debit card use has increased by 11%, a recent report shows.

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.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cash payments, card payments, payments general, United Kingdom
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events