Credit and charge card transactions exceed cash for the first time in the UK

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 20, 2019, 9:06 AM UTC

The British Retail Consortium (BRC) will continue campaigning for ATMs’ long-term viability.

This article cites a BRC report which revealed that 80% of retail sales in the UK took place through card payments in 2018. At 56.8%, debit cards were the most popular payment method in the market.

For the first time in the market, the use of credit and charge card transactions, at 21.5%, exceeded cash (20.4%). However, the BRC emphasised the relevance of cash for people who struggled with using digital services or didn’t have their own bank accounts.

The BRC highlighted Brexit’s potential impact on retailers who will pay more to accept foreign issued cards. Andrew Cregan, policy adviser at the BRC notes that unless the government checks the costs that card companies charge retailers, consumers will be forced to pay the price.

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