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| | | | 06/06/2014 | Retail Week - Shoppers embrace cashless payment | | | | | Shoppers using less cash than ever | | | | | Retail Week reports that shoppers are using less cash than ever as retailers invest in easier and more convenient ways to pay.
Along with online shopping, innovations including contactless payments have contributed to the increased used of debit cards, which accounted for 50% of retail sales by value in 2013.
Debit cards now make up 32% of the number of transactions, up from 30% last year.
However, cash remains the dominant method of payment, accounting for 53% of transactions, although this has declined by 3% over the past year and 10% over the past five years, according to the BRC's Payments Survey 2013.
The report found that shoppers are still cautious when it comes to credit cards, spending the same amount in total but on fewer items, suggesting more considered purchasing. In 2013 the share of transaction volumes fell by 13% for credit cards to represent 9%.
The average transaction value was up by 12%, reversing a three-year decline. |
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