One in six Brits is now a ‘card-only’ shopper, says Square

No primary category set

We learnt in July from the British Retail Consortium that, for the first time, more than half of all purchases in the UK were made by card, not cash. This is hardly surprising: the rise of contactless is obvious to anyone who has the left the house in the past few years. And Square has been digging deeper.

Trends are also leading to an increasing number of people who don’t use cash much at all, and only for small transactions when they do. One in six British shoppers (17%) is now a “card-only” consumer who never uses cash to pay for their shopping in an average day, according to Square.

And two in five people (38%) describe themselves as “card-first” shoppers, who would typically try to pay with a card first before they have to pay with cash.

According to Square’s research: nearly one in three of us (30%) haven’t taken out cash from an ATM or bank in the last week. The average Brit has just £32.54 in cash in their purse or wallet right now. When you consider the price of the average daly transactions you might make, that’s not a great deal.

Commenting on the research findings, Sarah Harvey, UK Lead for Square, said: “British business is fiercely competitive, and nowhere is that truer than on the High Street. Small businesses are competing with larger competitors who have greater resources, so they need to make use of every advantage they can get. That means making it as easy as possible for their customers to buy from them, including accepting card payments alongside more traditional methods like cash. Technologies like Square mean that there are fewer barriers between businesses and their customers, so they can ensure they always make a sale.”

How many businesses in the UK don’t take cards these days? Not many in my experience. But really, they should.

RELATED POSTS..

Why are more SMEs starting to accept American Express?

Why are more SMEs starting to accept American Express?

OnBuy direct payment, WorldFirst and Payoneer launched

OnBuy direct payment, WorldFirst and Payoneer launched

OnBuy 2023 Road Map OnBuy Payments OnBuy first profitable month and strategic investment

OnBuy 2023 Road Map shared with sellers

OnBuy-selects-Nuvei-for-marketplace-payments

OnBuy selects Nuvei for marketplace payments

How-Payment-Services-Directive-2-impacts-consumers-shutterstock_1465419908

How Payment Services Directive 2 impacts consumers

ChannelX Guide...

Featured in this article from the ChannelX Guide – companies that can help you grow and manage your business.

Latest

Take a look through a selection of the latest articles on ChannelX

Register for Newsletter

Receive 5 newsletters per week

Gain access to all research

Be notified of upcoming events and webinars