New Survey Finds Electronic Payments Lead in the U.K.

June 16, 2014 – The British Retail Consortium’s new survey confirms consumers continue to move away from cash. The study found that cash payments in the United Kingdom declined 3% over the past year, and 10% over the past 5 years.

Retailers continue to adopt more ways to pay in response to their customer’s preference for electronic payments.

Debit card transactions represented 50% of retail sales value in 2013, up by 11% over the last five years. Debit payments account for 32.37% of transactions, up from 30.01% last year, an increase of 7.9%. The study further reveals that debit is increasingly used for small purchases that were previously left to cash.

And, while the number of credit card charges declined in 2013, the average value of those transactions rose by 12%.

Find the survey at: http://www.brc.org.uk/brc_show_document.asp?id=4451&moid=8156