Cash Purchases at Lowest Point

Cash Purchases at Lowest Point.

A survey from the British Retail Consortium (BRC) has found that using cash to purchase goods is at its lowest point. The amount of goods being bought using cash has been steadily declining over the last five years, while use of debt cards has increased by 11%.

Also being linked to the decline in cash usage, are the new contactless payment methods, where a simple swipe over a payment machine will allow for payment.

Online sales have always been a huge factor in the lack of cash payments with goods being ordered quicker and more at convenience to you.

The BRC survey also showed that banks are still issuing unjustified high charges to retailers for processing card payments. In the past five years the amount charged for processing a card payment has increased 18% to 41p.