{$inpagemarkup}

Search News

Results: 81-90 of 652


Three quarters don’t expect police to bother investigating bike thefts

4 Oct 2022

More than three quarters of British people do not believe the police would bother to investigate instances of bicycle theft, a new YouGov survey has found.
Read more…

Paper £20 and £50 Notes No Longer Legal Tender

4 Oct 2022

Paper £20 and £50 notes are no longer legal tender.
Read more…

Indie retailers doubt Liz Truss will help the high street

29 Sep 2022

New research from Ankorstore, an online B2B platform that connects brands and shops in Europe, has shown that independent retailers are relying on the support of local shoppers, rather than the... Read more…

Retail industry reacts to Chancellor’s mini budget

26 Sep 2022

Following the Chancellor’s mini-budget last week, the retail industry has been reacting to the support package for small businesses and independent shops….including some of the... Read more…

Indie Bookshops gear up for Bookshop Day

26 Sep 2022

Bookshop Day – the annual celebration of bookshops big and small taking place across the UK and Ireland – is coming up on Saturday 8 October and in many parts of the country plans... Read more…

Indie Retail welcomes government support for business energy bills

21 Sep 2022

Indie Retail has welcomed the government’s announcement that it will be funding support for business energy bills over the next six months.
Read more…

Business toolkit for Her Majesty's mourning

15 Sep 2022

BIES Retail has created a visual toolkit for all organisations, and the public sector during this time of mourning to show the country speaking with one voice of unity.
Read more…

Scots butcher shop loved by Royals recalls 'cheery' Queen

14 Sep 2022

The owner of a butcher ‘s shop in Ballater, Aberdeenshire has told the Daily Record of his shock at the death of the Queen, who was an often-seen figure in the town near Balmoral.
Read more…

£14 for a latte could become a reality, warn coffee shop owners

12 Sep 2022

The owners of a coffee shop in Kent have wanted that they may need to increase the price of coffees to £14 each to meet their rising energy costs.
Read more…

More than a third of business leaders would vote against UK ‘switch off’ law for employees

12 Sep 2022

Over a third of business leaders have said they would vote against the introduction of a law in the UK that would protect an employee’s right ‘to switch off’, similar to the... Read more…

Back to news menu

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.

Back to news menu

Useful links

If you have any other queries please contact us.