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25 Oct 2022

Glasgow, Scotland - Bike for Good is proud to bring the internationally recognised training and accreditation scheme for bicycle technicians to Scotland for the first time. The first Cytech...

25 Oct 2022

Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.

24 Oct 2022

New research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.

20 Oct 2022

Cycling charity Cycling UK has renewed its call on the Government to close the loophole in the law which allows people to escape driving bans.

20 Oct 2022

VOLT today announces the launch of a collaboration with Deliveroo, the food delivery company, to trial subsidised e-bikes for a group of riders across the UK.

19 Oct 2022

Rouleur Live is Rouleur magazine brought to life, bringing together the best guests and the finest brands to offer consumers a truly unique celebration of cycling culture in London this...

18 Oct 2022

People are looking to reduce their fuel spending by taking more journeys by bike, with as many as 30 per cent excited to rediscover two-wheeled journeys, according to a study by online cycling...

17 Oct 2022

The new Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a statement that the Energy Bill Relief Scheme for businesses will continue to the end of March 2023 as planned.

14 Oct 2022

The Department for Business is asking all businesses to respond to a survey on energy bills and the impact increased costs are having on your business. The IRC is similarly urging members to...

13 Oct 2022

National media has reported that most Britons say that the cost-of-living crisis is forcing them to shun local shops in favour of big brands to get the cheapest prices.

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Cash use fell again in 2021 as contactless accounts for a third of all payments

Posted on in Business News , Cycles News

In its latest Payment Markets Report, UK Finance has said that the 40.4 billion payments made by consumers and businesses in the UK during 2021 represented a return to pre-pandemic payment volumes after a significant fall in 2020 due to Covid-19 lockdowns.

And, as the economy reopened, payment trends reverted towards their long-running patterns, with card payments increasing and cash payments continuing to decline.

The report shows that:

  • Debit cards were the most used payment method, accounting for 48% of all payments.
  • The number of cash payments fell by 1.7 per cent in 2021, although it remained the second most commonly used payment method, accounting for 15% of all payments in the UK.
  • Faster Payments overtook Bacs Direct Credit as the payment method most frequently used by businesses.
  • 57 per cent of UK adults used mobile banking in 2021.
  • Almost a third of all payments in the UK were made using contactless methods in 2021.

Contactless payments – including payments initiated using contactless cards, mobile phones and watches – continue to grow in popularity. Almost a third of all payments in the UK were made via contactless methods in 2021, up 36% compared with 2020.

Contactless appears to be popular with consumers, due to the speed and security of transactions. The increase in the contactless payment limit (to £45 in April 2020 and then to £100 in October 2021) expanded the range of purchases that could be made this way. Retailers also encouraged the use of contactless during the pandemic as a way of helping to facilitate social distancing in shops. Card acceptance devices have also become more widespread in recent years, especially among smaller businesses.

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