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Independent retailer wins judicial review case over deposit return scheme.

4 Jul 2023

Independent convenience retailer Abdul Majid has won a judicial review case against Circularity Scotland, which was appointed by the Scottish government in 2021 to administer Scotland’s... Read more…

Asics reported to have halted supplies to UK independent sports shops.

4 Jul 2023

The Guardian has reported independent sports retailers saying their businesses are under threat after Asics said it was cutting off supply to hundreds of small UK outlets, joining Nike and... Read more…

Half of young European consumers find it acceptable to buy fakes.

4 Jul 2023

A new study on the perception of consumers towards intellectual property published by the European Union Intellectual Property Office (EUIPO) has found that although 80% of Europeans believe... Read more…

Elmy Cycles featured in Daily Express ahead of Independents’ Day weekend.

29 Jun 2023

With this Saturday and Sunday marking Independents’ Day weekend, the culmination of the annual campaign to promote independent retailers around the UK, ACT member Elmy Cycles in Ipswich... Read more…

“AI has the potential to revolutionise the way retailers operate,” says Theo Paphitis

28 Jun 2023

Former Dragon Theo Paphitis has predicted retail will be revolutionised by AI technology.
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The Association of Convenience Stores publish their Crime Report of 2023

23 Jun 2023

The report estimates that there were over 1.1m incidents of theft reported last year. The most commonly stolen items as reported by retailers are meat, alcohol and confectionery –... Read more…

How fine food retail can be part of the solution to ultra-processed food

19 Jun 2023

Scientists and researchers have compelling data, showing ultra-processed food could be responsible for several health conditions – a recent piece in Speciality Food Magazine set out to... Read more…

PayPoint launches digital shopper marketing platform

19 Jun 2023

Retailers will be able to drive customer spend, digital media use, push new product development and increase sales and distribution, claims PayPoint, following the launch of a new digital... Read more…

High streets of the future will need to think beyond retail, says new report

19 Jun 2023

Just 42% of people in the UK rate their local high street as good or very good, according to the latest Legal & General Rebuilding Britain Index.
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Stellar line-up for Independent Bookshop Week

19 Jun 2023

A stellar line-up of authors have been taking part in this week’s Independent Bookshop Week 2023 with the likes of Ann Cleeves, AJ Pearce, Danielle Brown, poet laureate Simon Armitage and... Read more…

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Cash use fell again in 2021 as contactless accounts for a third of all payments

Posted on in Business News, Cycles News

In its latest Payment Markets Report, UK Finance has said that the 40.4 billion payments made by consumers and businesses in the UK during 2021 represented a return to pre-pandemic payment volumes after a significant fall in 2020 due to Covid-19 lockdowns.

And, as the economy reopened, payment trends reverted towards their long-running patterns, with card payments increasing and cash payments continuing to decline.

The report shows that:

  • Debit cards were the most used payment method, accounting for 48% of all payments.
  • The number of cash payments fell by 1.7 per cent in 2021, although it remained the second most commonly used payment method, accounting for 15% of all payments in the UK.
  • Faster Payments overtook Bacs Direct Credit as the payment method most frequently used by businesses.
  • 57 per cent of UK adults used mobile banking in 2021.
  • Almost a third of all payments in the UK were made using contactless methods in 2021.

Contactless payments – including payments initiated using contactless cards, mobile phones and watches – continue to grow in popularity. Almost a third of all payments in the UK were made via contactless methods in 2021, up 36% compared with 2020.

Contactless appears to be popular with consumers, due to the speed and security of transactions. The increase in the contactless payment limit (to £45 in April 2020 and then to £100 in October 2021) expanded the range of purchases that could be made this way. Retailers also encouraged the use of contactless during the pandemic as a way of helping to facilitate social distancing in shops. Card acceptance devices have also become more widespread in recent years, especially among smaller businesses.

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