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British shoppers not using cash



The British Retail Consortium (BRC) has released figures indicating that the 14% decline in cash use is due to contactless cards and online sales.
The survey also showed that banks still levy ridiculously high charges for the use of cards. The UK Cards Association stated that the charges were good value for money. The BRC stated that cash was used for 53% of transactions during 2013, while debit cards accounted for 32%. Based on value of transactions, cards made up 50% of the transactions. However, the average value of purchases by card has declined.

The use of cash declining by 14% is a milestone in the sphere of digital economy. The average costs to retailers for processing a charge or credit card payment has increased by 18% during the past five years, to reach 41 pence. It costs around 8.8p to process debit card payments, which is an increase of 4% for the same period, BBC says.

Disappointment has been shown about the increased cost of accepting debit and credit cards. However, by paying these fees, retailers are offered fraud protection. The European Union is getting close to the approval of a plan to cap the amount banks are able to charge retailers for card payment processing.

More about shopping malls in the United Kingdom

DAY BEFORE YESTERDAY, France:
The brand will refocus some of its production capacity on producing masks and other protective equipment to join the global fight against the pandemic.
Mar 30, 2020, Germany:
Several major retailers in Germany have decided to stop paying rent for stores that are forced to idle due to the coronavirus epidemic.
Mar 26, 2020, USA:
McDonald's restaurant chain is forced to revise the menu as the coronavirus spreads.
Mar 26, 2020:
To support as many people as possible during difficult times, Nike makes its applications with exercise programs and video training available to everyone.
Mar 25, 2020, USA:
According to the company, it will gradually reopen stores in the regions where this situation allows.
Mar 24, 2020, Sweden:
The total number of closed stores around the world reached 3440 out of 5060.
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