Debit card is currently the most popular way of paying but credit cards are now the second most popular having overtaken cash for the first time ever (data according to British Retail Consortium). However, in terms of frequency, cash is still used more than credit card but the average payment using cash is worth £20 less than credit card.

BRC’s policy adviser Andrew Cregan, has said that online shopping and falling cash use are the main factors in the shift. He thinks that if we move into a cashless world it could leave many people stranded because without cash it would be more difficult to leave tips or give to the homeless.

People who are more vulnerable with physical or mental health conditions, who find it difficult to operate digital devices to access services could also be severely affected.

Mr Cregan has said around a third of all costs on card is a scheme fee by card companies like Visa and Mastercard, which has been rising quickly. “Without action [from government], we will see businesses put under further pressure and it will be consumers who are forced to pay the price,” he said.

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Hawsons has a dedicated team of specialist retail, wholesale and e-commerce accountants in Sheffield, Doncaster, and Northampton. Our understanding of the issues faced by the retail, wholesale and e-commerce sector means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.

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Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

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Pete Wilmer

Pete Wilmer

Corporate Finance Partner

0114 266 7141

[email protected]

Paul Wormald

Paul Wormald

Partner, Doncaster

01302 367 262

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Richard Burkimsher

Richard Burkimsher

Partner, Northampton

01604 645 600

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