Online shopping is not only shaping the way Brits search for products, it also seems to be changing the way they make everyday transactions.
Online shopping is not only shaping the way Brits search for products, it also seems to be changing the way they make everyday transactions.
Cited by shopsafe.co.uk, a new study from the Payments Council details an enormous rise in the number of people purchasing goods via debit cards. This method has grown by 400 per cent over the last decade and caused people to carry less currency as a result.
The authors insist this is down to the influence of safe shopping online as consumers have become more trustworthy of retailers that offer online payment processing services to carry out transactions.
It was claimed that millions of Brits now use their credit and debit cards to buy the majority of items they need, although cash still accounts for three out of five one-off payments.
Adam Kamellard, chief executive of the Payments Council told internetretailing.net: “The quiet revolution in payments has enabled the creation of whole new industries such as e-shopping, it has changed our behaviour and it has reduced transaction costs and increased the speed and efficiency with which we can all pay each other.”
The results highlight that since 2001, retail purchases made with cash have dropped from 43 per cent to 30 per cent.
The dominance of payment by card was also evident in readings covering cash withdrawals. Brits took out a total of £4,501 out of ATMs during 2011, but this is set to drop down to £4,178 by 2021 as payment by mobile enters the fore.
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