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Cash was used for less than half of all retail transactions across the UK in 2015 according to the BRC’s annual Payments Survey. The report looks at the methods of payment UK shoppers are using when buying goods in store and online, how this differs from previous years and the average cost to the retailer [...]

The post Cash no longer king in UK – contactless the king slayer appeared first on Payments Cards & Mobile.

The Bank of England recently reported a 5% rise in the volume of cash circulation in the UK.  If the volume of cash continues to increase at even half of this rate, Wincor Nixdorf predicts that by 2020 banks will be handling 13% more cash, compared to today. The rise of cash in circulation means that [...]

The post Losing the war on cash? UK banks predicted to handle 13% more by 2020 appeared first on Payments Cards & Mobile.

LINK figures reveal that cash withdrawals from LINK ATMs in 2015 amounted to a record £128 billion – made over 2 billion visits to the UK’s 70,270 LINK-connected ATMs. The total number of cash withdrawals only grew slightly in 2015 (by 0.8%) with the value of those withdrawals increasing by 2%. The amount cash machine users withdrew also went [...]

The post Cash remains King – despite explosive contactless growth appeared first on Payments Cards & Mobile.

Despite the proliferation of e-commerce and the rise of payment cards worldwide, cash is growing nearly as fast globally as cashless payments. A new study found cashless transactions in the aggregate rose 7.6% annually from 2010 to 2014 to 417 billion payments. But over the same period, the volume of cash withdrawals from ATMs rose 7.1% [...]

The post Cash still king despite e-payment growth appeared first on Payments Cards & Mobile.

Retailers are facing cost implications over the next three-to-five years as a series of developments in the cash industry, including the implementation of polymer notes in the UK, impacts business operations. Though consumer cash transactions are in decline, the cost of cash will begin to increase for retailers, driven by rising interest rates, the living [...]

The post Cost of cash to increase for retailers by 50% appeared first on Payments Cards & Mobile.