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Consumers ditch cash in favour of other payments

Consumers are increasingly using forms of payment other than cash, research from the British Retail Consortium (BRC) has shown.

Cash use is down by 14% over the last five years as credit and debit cards, online payments and contactless cards have become more prevalent.

Debit cards now account for 32% of the number of transactions compared to 30% last year - although cash still remains the dominant method of payment at 53% of transactions.

Consumer patterns on credit cards showed people were spending the same amount but on fewer items. The BRC suggested this showed more considered spending habits.

This was posted in Bdaily's Members' News section by Tom Keighley .