The Payments Council released a report saying that non-cash payments overtook cash payments for the first time in July of 2014.
Last year, 48% of payments were made in cash, where 52% had been made with cash in the previous year. And the Payment Council predicts that further drops will occur in the future.
Although cash is still a popular method of payment, it’s becoming more and more important for service providers to offer non-cash options, like accepting debit and credit cards.
Debit cards made up almost one quarter of payments last year, and £380.8 million was spent using a contactless card. It’s clear that this technology is quickly becoming the favored option for many consumers.
While cash will always be a viable option, you don’t want to limit the options that you’re giving to your customers. On the other hand, you don’t want to pay for card readers that eat into your profit.
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Image credit: TaxRebate.org.