TEST

Card payments dominate UK retail sales as cash usage falls

Cards now account for more than three quarters of the value of retail purchases in the UK, as contactless payments continue to eat into cash’s share of the pie.

EMV card payment

According to the latest British Retail Consortium’s (BRC) annual payments survey, cards were used to pay for £277.1 billion worth of goods in 2017, accounting for 76% of retail sales volume.

Meanwhile, cash continued its decline both as a share of retail transactions (down 0.5%) and value of sales (down 1.2%), where it now make up just 22%.

The BRC says that the rise of card payments is hitting its members in the pocket, with retailers spending an extra £170 million to process payments in 2017. Fees are now approaching £1 billion a year.

The group is blaming the rise entirely on the card schemes, claiming that fees have jumped by 39% in 2017, and is calling on the government and regulator to step in.

– Finextra –

USA

MK Americas
2445 NE Division Street,
Suite 200
Bend, OR.97701

SINGAPORE

MK Smart Asia Pacific Pte. Ltd.
100 Tras Street, #16-01
The Amara Corporate Tower
Singapore

VIETNAM

Sales Office in Hanoi
The Vista Building, No. 4, 15 Lane Duy Tan Str., Cau Giay Dist., Hanoi, Vietnam
Tel: (84-24) 7100 6781


Sales Office in Ho Chi Minh City
7th Flr., Thien Son Building, No.5 Nguyen Gia Thieu Str., Ward 6, District 3, HCMC
Tel: (84-28) 3930 5023 | Fax: (82-28) 3930 5065

FACTORIES IN VIETNAM:

Hanoi:
Quang Minh IZ, Me Linh
Tel: (84-24) 3813 4646 | Fax: (84-24) 3813 4648

Ho Chi Minh City:
I3-3, N2 Street, Saigon Hi-Tech Park, District 9
Tel: (84-28) 3736 1446 | Fax: (84-28) 3736 1447