Cash usage on the rise for second successive year - News Article Bishop Auckland : Mitchells Grievson

Cash usage on the rise for second successive year

Cash use in the shops rose for a second year in a row in 2023 after a decade of falls, according to the British Retail Consortium (BRC).

Notes and coins were used in a fifth of transactions last year as shoppers found cash helped them to budget better, said the BRC.

Overall, customers visited shops more frequently but made smaller purchases. The total number of transactions rose from 19.6 billion to 21.0 billion while the average amount spent per transaction fell from £22.43 to £22.03.

Meanwhile, card fees paid by retailers continued to grow. The total amount paid by retailers to banks and card schemes rose by over 25% in 2023. This brought the total card fees paid to £1.64 billion.

Chris Owen, Payments Policy Advisor, British Retail Consortium said:

'Persistent inflation and the cost-of-living crisis continued to affect households across the country and many consumers used cash to budget more effectively.

'However, the dominance of card payments continues apace, accounting for over 85% of spending. Card fees continue to rise at a substantial rate and the Payment Systems Regulator (PSR) must act upon the harms it has identified in its current market reviews. It must move swiftly to reform the market and implement remedies including price caps on fees and price rebalancing measures.'

Internet link: BRC

Home | Contact us | Site map | Accessibility | Help | Disclaimer |

© 2025 Mitchells Grievson Chartered Accountants. All rights reserved.

Mitchells Grievson is a trading name of Mitchells Grievson Limited, a Company registered in England & Wales, Company Number 06527386, Registered Office Kensington House, 3 Kensington, Bishop Auckland, County Durham, DL14 6HX.


Mitchells Grievson Chartered Accountants, Kensington House, 3 Kensington, Bishop Auckland, County Durham DL14 6HX

powered by totalSOLUTION