October 25, 2014 (Powerhomebiz.net) The death of cash as a payment method has been announced almost every year for the past decade. However the lack of a viable alternative for low value payments has meant that cash has persisted. With the rapidly increasing acceptance of contactless payment cards, perhaps that fateful day is finally approaching.
According to the UK Cards Association, card purchases hit a record high this summer as Britons increasingly shopped with cards in August rather than cash.
Debit card transaction levels increased by nearly ten per cent compared to last August and credit card sales increased 8.4 per cent to 232m in the month. This was the first time the total of monthly transactions passed the 1bn mark.
James Lewis, managing director at Active Payments, a leading UK merchant services provider, commented “It’s no surprise to us that the industry is heading in this direction. Consumers are embracing paying by plastic for its convenience and even looking into mobile and contactless payments as the industry evolves.”
This major shift in consumer habits however places significantly increased demands on retailers, both large and small. Accepting card payments has become no longer an option but essential if sales are to be maintained and customer loyalty retained.
And supporting the retailers in this change is a new generation of card service providers, such as Active Payments, supplying fast, reliable card machines backed up with efficient card payment systems to ensure cash flow is maintained.
Lewis again, “The card payments sector is one of the unsung heroes of the retail world, and one where we’ll begin to see innovation after innovation to respond to consumer shopping trends and purchase power.”
From July this year, cash could no longer be used on any of London’s buses. The move away from cash payments is definitely happening.
About Active Payments
Active Payments is Manchester-based merchant services provider. It employs a national field sales force across the UK backed by operations, support and helpdesk teams in its head office.
Active Payments is a Crosslane business, which is an international group of companies spanning Financial Services markets – from fund management to retail card payments. For more detail visit http://www.activepayments.co.uk/.
Contact :
Active Payments
MIOC Styal Road
Manchester
Greater Manchester
United Kingdom
M22 5WB
Phone Number : +44 (0) 161 424 9696