Data: Retailers bear brunt of increased costs as pandemic accelerates death of cash

card machine

New research has found that debit and credit cards accounted for more than four out of every five transactions in the UK last year, saddling retailers with spiralling processing costs as cash use dwindled during the pandemic.

The latest payments survey from the British Retail Consortium (BRC) found that debit and credit cards were used in 81% of retail transactions in 2020 – an increase from 78% in 2019. 

Debit card payments were also on the rise, making up 54% of all transactions.

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