Cash or Card? Customers using card ‘more than ever’ The Ixl Company review

‘Would you like to pay cash or card’ may soon be a phrase of the past with shoppers using cards more than ever according to a survey by the British Retail Consortium. The Ixl Company takes a look into why this change has come around
 
CANARY WHARF, U.K. - June 2, 2014 - PRLog -- ‘Would you like to pay cash or card’ may soon be a phrase of the past with shoppers using cards more than ever according to a survey by the British Retail Consortium. The Ixl Company takes a look into why this change has come around and what effect it may really have.

According to the British Retail Consortium, the 14% fall in cash use of shoppers is down to the more recent contactless cards as well as online sales in the last five years. Online Sales, contactless cards as well as debit card use, which has increased by 11%, are becoming the more favorable way to pay for goods, but why? “It really doesn’t surprise me, when it comes to cash or card I always use my card, and cash is a rarity for me, I don’t even feel the need to carry a purse these days as all I need are a few cards, it is very rare that somewhere doesn’t accept cards these days and so it is just so much easier” says Emma, Receptionist at The Ixl Company.

It is not just general online sales that are affecting the decrease in cash use. Online payments can also be made using routes such as PayPal and similar methods, which are also becoming more and more popular due to the speed and safety of their use. “PayPal is compatible with a huge amount of websites when it comes to paying, instead of having to type all of your details in every time address, billing, bank details, it is safely stored making online payments so much easier, along with that delivery of items are so quick now, even next day delivery doesn’t cost much so it is no wonder online shopping has decreased cash use” says Sam Mouden, Managing Director of The Ixl Company.

The survey also found that the average transaction value has also fallen, which could be due to self-service tills and express stores making smaller payments easier and cheaper to make instead of cash. “There is not really any implications that I can see by using card over cash, except that card fees may rise due to the popularity of using them, which in turn could bring cash use back up again to avoid the hefty fees, but overall it is more of a sign of our new digital age coming into effect” says Emma, Receptionist at The Ixl Company. The average cost of processing a credit or charge card to a retailer has increased to 41 pence per transaction, and debit cards up to almost 9 pence in the last five years. This in turn costs the retailer unless the payment is passed onto the customer using the card. “The hefty increases may keep rising and so it is very possible that many people will revert back to cash use to save the pennies, after all ‘recession’ is still a word we hear every day and spending a few pounds a week on processing fees can build up to a few hundred over a year, money that people cannot afford to waste” says Courtneay, administrator at The Ixl Company.

Overall, only time will tell whether cash or card is more popular, but it really just goes to show the new day and age we are living in. Who know what will be available in 50 years’ time.

Contact
The IXL Company
***@theixlcompany.co.uk
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