When you visit the high street for some retail therapy or do the weekly shop at your favourite supermarket, how do you pay for your goods? The majority of us will simply put it on a debit card, but are there still some people who swear by cash?
As with everything in life times change and technology advances. Nowadays consumers have many options to choose from as to how they pay for their goods. There were 10 billion payment transactions in retail units last year alone. Debit cards saw a rise of 3.2 per cent, whilst credit cards were down by 3.4 per cent according to the British Retail Consortium (BRC).
But new payment methods are starting to creep up as they have doubled in the last year. PayPal and online payments now account for 5 per cent of retail payment transactions. But, surprisingly, cash still has the majority share with 54.4 per cent – but this was a fall of 6.7 per cent when compared to 2011. So who still pays for their shopping with cash?
I personally only buy small bits with cash, a pint of milk or a magazine. But is it the older generation that is keeping the cash figure high? Take my Grandma for instance, she goes to Post Office every week, draws her pension and uses that for every purchase. She has never paid for anything in a shop on her debit card as she says she simply doesn’t trust it. So is this generation keeping cash alive?
Speaking of the rise of other payment methods, Helen Dickinson, Director General of the BRC, said:
“New ways to pay and new ways to shop are shaping the retail landscape like never before. Changing customer preferences are driving the increase in debit card use – they’re helping people to manage their money better and are a natural fit for online shopping and self-service checkouts.
“Cash is still the most popular way to pay, but our survey shows how rapidly alternative and emerging methods are gaining ground. 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.”
Do you still pay for the majority of your shopping with cash? Do you think cash will slowly be replaced with modern technology and e-wallets over time, or will people always keep a bit of change in their pocket?
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