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	19/09/2016	Retail Gazette, Elias Jahshan - Cash payments plunge by 5%

	Payments Survey reveals use of cash falls 5% in last year

	Retail Gazette reports that according to the British Retail Consortium's (BRC) annual Payments Survey, cash was used in less than half of all retail transactions across the UK last year. The survey revealed that the use of cash had fallen to 47.15% of all retail transactions in 2015, compared to 52.09% in 2014. The BRC said this was the largest drop for five years and means that almost 20% fewer transactions were made with cash compared to 2011. BRC director of business and regulation Tom Ironside said and although cash has been in decline for some time now, this figure’s in this year’s report indicated a significant dip. Ironside added that around 55% of cards currently in use now featured contactless technology. The BRC’s Payments Survey analyses at the methods of payment UK shoppers are using when buying goods in store and online, and how this differs from previous years and the average cost to the retailer for handling each method of payment. It also found that the cost of handling debit and credit card transactions for those retailers had reduced by around £159 million. The BRC said this was due to early changes made available to some retailers by debit and credit card schemes before the implementation of the new Interchange Fee Regulation. The full impact of the changes under the regulation are expected to be experienced by all retailers from 2016.

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Payments Survey reveals use of cash falls 5% in last year