Fewer Britons are using cash to pay for their purchases, with debit cards and other alternative payment methods coming to the fore instead.
In fact, the number of transactions paid for using debit cards rose by 3.4 per cent in 2012, whilst the number of those made using cash dropped by 6.7 per cent. That’s according to the latest data released by the British Retail Consortium, which was collated during April/May 2013, telegraph.co.uk confirmed.
Plus, alternative payment methods – such as using PayPal or other online payment tools – now account for five per cent of all transactions made, freshbusinessthinking.co.uk reports. This rising use means that businesses of any form, whether created via a franchise agreement or independently, need to be equipped with the right technology to handle such payments.
This is especially crucial if they want to tap into the online market, which requires secure, easy-to-use payment systems. The director general of the British Retail Consortium, Helen Dickinson, explained that Britain is moving into a new era when it comes to payment types.
“New ways to pay and new ways to shop are shaping the retail landscape like never before,” she revealed. “Our survey shows how rapidly alternative and emerging methods are gaining growth…
“These methods will be the ‘ones to watch’ in the future and retailers are investing heavily to make sure their customers have choice and convenience in ways to pay.”