According to a new study from British Retail Consortium, UK cash transactions have decreased by 10 percent since 2012. The research suggested that customers were moving away from paying with cash when shopping on the high street. It is highlighted that cash is still the most popular option for UK shoppers, but there has been a noticeable switch in how people are opting to pay for goods.
The report also revealed that debit card use is on the rise, jumping by 3.2 percent since 2012. Other options such as PayPal and online payments account for roughly 5 percent of all transactions in the UK. “New ways to pay and new ways to shop are shaping the retail landscape like never before. Changing customer preferences are driving the increase in debit card use—they’re helping people to manage their money better and are a natural fit for online shopping and self-service checkouts,” stated Helen Dickinson, director general at British Retail Consortium.
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