As a proportion of the total money spent, cash accounted for just 8 per cent of consumer spend last year, the BRC found
As well as the popularity of contactless spending, the rise in card payments is also partly due to an increase in online shopping in 2021.
Last year, 48.6 per cent of non-food items were purchased online, the BRC said. This figure has since fallen to 39.9 per cent in the first 11 months of 2022, as more people have returned to the high street.Hannah Regan, payments policy adviser, BRC, said: “With the public in and out of lockdown and cash usage discouraged last year, over 90 per cent of retail spending used debit or credit card.
"With card usage soaring, already hard-pressed retailers had to pay huge sums to accept these payments."We need urgent intervention from the Payments Systems Regulator and the Treasury to stop card schemes from abusing their dominant market position.”The BRC said retailers incurred costs of £1.3 billion to accept card payments from customers in 2021.
This translated into an additional £141 million in costs imposed by card firms onto retailers just to process debit card transactions.The BRC, along with other business groups, has previously called for intervention on anti-competitive practices in card payments in order to protect British businesses.
The group also expressed concern that cash remains vital for many people, particularly vulnerable groups who do not have access to other payment methods.Did you know with a Digital subscription to Yorkshire Post, you can get access to all of our premium content, as well as benefiting from fewer ads, loyalty rewards and much more.
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