MSE News
Almost 80% of retail sales paid for by card
Shoppers paid for almost £300 billion of purchases on their credit and debit cards last year, according to data from the British Retail Consortium, while just £78 billion of purchases were paid for in cash.
In 2018, debit cards accounted for 56.8% of the total sales value, while credit and charge cards accounted for 21.5% and cash made up 20.4% of the total – meaning credit card spending overtook cash payments in terms of the value of sales made.
Cash was used to pay for £77.7 billion worth of goods in 2018, compared with £80.6 billion in 2017, when it accounted for 22% of sales value and credit and charge cards made up 20.8%.
But in terms of the volume of payments made, cash remained the second most popular payment method, with coins and notes still commonly used for smaller transactions.
The British Retail Consortium's (BRC) survey was completed by retailers who represent 34% of UK retail annual sales turnover, and includes online and high-street retailers. It is calling for a reduction in the charges that businesses pay to accept card payments.
MSE weekly email
FREE weekly MoneySaving email
For all the latest deals, guides and loopholes simply sign up today – it's spam-free!
Related Articles
-
Amazon Classic or Platinum holder? Your credit card will stop working sooner than expected - here's what's happening
6 September 2022![]()
Amazon has brought forward the date from which its Classic and Platinum Mastercards will stop working. Users had previously been told they had until January 2023 to continue using the cards before they were axed. But for some, this deadline has been moved to October, and for others to November. -
Asda shoppers can earn cashback with new rewards card – here’s how it stacks up
15 August 2022![]()
Asda has teamed up with Jaja Finance to launch the Asda Money Credit Card, which offers cashback on purchases at Asda and elsewhere. The cashback can only spent at Asda though. Below we explain the pros and cons and compare the new deal to other rewards options - where it's largely beaten. -
Barclaycard launches the market's longest 0% spending card in over two years - here's how it compares
6 July 2022![]()
Barclaycard has launched the longest 0% spending credit card we've seen since May 2020, giving some 25 months interest-free spending - though not all will get the headline rate. If you NEED to borrow, 0% spending cards are the cheapest way – here's how it compares. -
Travelling abroad? Santander offers 1% cashback on overseas spending – but watch out for exchange fees
13 June 2022![]()
New and existing Mastercard credit card customers at Santander are now able to earn 1% cashback on overseas spending but the option will still be overly expensive for many with most of the bank's cards charging a 2.95% exchange fee. Here's everything you need to know.
26 September 2023
-
Martin: It's Meter Reading Week
His 9 energy need-to-knows
-
Martin's savers alert
After base rate freeze
-
Grab 1.5yrs' FREE family insurance
Travel, mobile & breakdown
-
FREE Greggs pizza slice & hot drink
Normally up to £4
-
14,000 Vax codes
Incl £400 cordless for £100
-
Mortgage rates are falling
Is now the time to fix?
-
Now FOUR banks pay you to switch
Up to a FREE £210
-
Read the full email
For all the latest deals, guides and loopholes simply sign up today – it's spam-free!
-
E.on Next to cut winter bills by up to 50% for some customers on low incomes – here's what's happening
29 September 2023![]()
If you're an E.on Next customer, look out for a message from the firm offering you up to 50% off your bills this winter, as the supplier is launching a new support scheme. -
EDF Energy to cut bills for some by £30 this winter – Martin Lewis welcomes move but says 'it's not a game-changer'
29 September 2023![]()
EDF Energy will cut bills by £30 for some 260,000 of its customers who get the Government's Warm Home Discount this winter. -
Martin and MSE among organisations calling for energy social tariff as millions expected to struggle with bills this winter
29 September 2023![]()
The Government must urgently introduce an energy social tariff to prevent millions of households from falling into fuel poverty this winter, consumer organisations including MoneySavingExpert have said. -
Train strike refund rights as Northern, Southeastern, Thameslink and more set for week of disruption
28 September 2023![]()
Rail users in England, Scotland and Wales face disruption over the coming week as workers across multiple train operators, including Northern, Southeastern, Thameslink and more, take strike action and refuse to work overtime. -
Mortgage rates fall as Bank of England unexpectedly holds UK rates – so should you fix?
26 September 2023![]()
Interest rates on fixed mortgage deals have been edging down over the past few weeks with some five and 10-year fixes now at below 5%.
-
Martin Lewis: Is it time to ban unnecessary Christmas presents?
11 September 2023![]()
Update September 2017: It’s eight years since I first braved this subject, expecting a snowstorm of protest. Instead, year after year more join in, like Julia who recently tweeted me, “@MartinSLewis, finally took your advice and told my family I can’t afford Christmas presents. What a weight off my mind. Thank you.” One year even the Archbishop of... -
Martin Lewis: Five things all new English university starters should know
4 September 2023![]()
The 2023 academic year is about to start, and it'll see the biggest shake-up to student finance in England for a decade. The changes are both subtle and massive. On the surface they look like a tweak, in practice they will increase the eventual cost of going to university by over 50% for many typical graduates.
Clever ways to calculate your finances
