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| Version 0 | Version 1 |
|---|---|
| Cash payments fall as shoppers go 'alternative' | Cash payments fall as shoppers go 'alternative' |
| (17 days later) | |
| Consumers are increasingly ditching cash and credit cards in favour of alternative payment methods, according to figures from the British Retail Consortium. | Consumers are increasingly ditching cash and credit cards in favour of alternative payment methods, according to figures from the British Retail Consortium. |
| Although cash remains king, accounting for 54% of transactions in 2012, the number of times it was used to pay for goods was down 10% on the previous year. | Although cash remains king, accounting for 54% of transactions in 2012, the number of times it was used to pay for goods was down 10% on the previous year. |
| Other payment methods such as PayPal and money-off coupons saw a surge in popularity, with the number of people using them more than doubling over the same period. The growth of these newer payment methods mean they accounted for 5% of all transactions. | Other payment methods such as PayPal and money-off coupons saw a surge in popularity, with the number of people using them more than doubling over the same period. The growth of these newer payment methods mean they accounted for 5% of all transactions. |
| The survey, which covers nearly 10bn retail payments in 2012, also revealed that credit and charge card use was down by 3.4% as a percentage of transactions. However, the use of debit cards was up by 3.2% as struggling consumers tried to manage their finances and avoid sinking into the red. | The survey, which covers nearly 10bn retail payments in 2012, also revealed that credit and charge card use was down by 3.4% as a percentage of transactions. However, the use of debit cards was up by 3.2% as struggling consumers tried to manage their finances and avoid sinking into the red. |
| Helen Dickinson, director general of the British Retail Consortium, said: "Cash is still the most popular way to pay, but our survey shows how rapidly alternative and emerging methods are gaining ground, with growth more than doubling on the previous year, albeit from a low base. | Helen Dickinson, director general of the British Retail Consortium, said: "Cash is still the most popular way to pay, but our survey shows how rapidly alternative and emerging methods are gaining ground, with growth more than doubling on the previous year, albeit from a low base. |
| "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, whether in-store, at home or on the move." | "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, whether in-store, at home or on the move." |
| The survey showed that the charges levied by banks on retailers for handling card payments rose, with the total paid rising by 7% on 2011, despite a fall in the number of consumers using credit cards to pay for goods. | The survey showed that the charges levied by banks on retailers for handling card payments rose, with the total paid rising by 7% on 2011, despite a fall in the number of consumers using credit cards to pay for goods. |
| The average cost to a retailer of having a credit or charge card payment processed was 38p – 25 times higher than for cash at just 1.5p. | The average cost to a retailer of having a credit or charge card payment processed was 38p – 25 times higher than for cash at just 1.5p. |
| Top credit cards | Top credit cards |
| Barclaycard | Barclaycard |
| Barclaycard | |
| NatWest | NatWest |
| Powered by MoneySupermarket for the Guardian | Powered by MoneySupermarket for the Guardian |