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31 Jul 2023

The Independent Retailers Confederation (IRC) will be working with key financial institutions within the UK to gauge the shift in retail payments.
 

31 Jul 2023

Independent retailers are calling on the government to offer security grants so that stores can be better equipped to deal with shoplifting, which has risen by a quarter in England and Wales in...

31 Jul 2023

The shortlist has been announced for the 2023 Speciality & Fine Food Fair Awards, which celebrate innovative products and inspiring independent retailers in the world of artisan food and...

19 Jul 2023

Apple has announced that Tap to Pay on iPhone has now rolled out to the UK, enabling small businesses to accept Apple Pay and contactless card payments using nothing more than their...

19 Jul 2023

Shopworkers’ union Usdaw has launched a blueprint to secure the future of the retail sector, which includes calling for the levelling of business taxation between online and in-store...

19 Jul 2023

Bira is supporting and urging retailers to participate in the 2023 State of the Workforce Survey, which is being run by People 1st International, part of The Workforce...

18 Jul 2023

Industry magazine Retail Jeweller’s list of Inspiring Independents 2023 - the top 100 independent jewellery and watch retailers from across the UK and Ireland, as voted...

17 Jul 2023

A family-run jewellers in Kendal, which reaches its centenary this year, is putting giving back to the community at the heart of its celebrations.

11 Jul 2023

As of 30th June 2023, the registered Head Office for V12 has relocated, and as a result their registered office address has changed.

4 Jul 2023

Independent convenience retailer Abdul Majid has won a judicial review case against Circularity Scotland, which was appointed by the Scottish government in 2021 to administer Scotland’s...

From Cash to Contactless – IRC Leads Study on Payment Trends in Retail

Posted on in Business News

The Independent Retailers Confederation (IRC) will be working with key financial institutions within the UK to gauge the shift in retail payments.

card machine

The IRC has partnered with UK Finance, HM Treasury, Bank of England, The Royal Mint and Link, to identify how cash is valued in the Retail SME community compared to the many other forms of payments available.

The insights gathered from this survey will play a pivotal role in understanding the evolving payment landscape. A potential decrease in cash usage among consumers and the retail sector would indicate a shift towards cards, contactless transactions, account-to-account transfers, cryptocurrencies, and other emerging payment methods.

The result of this survey could result in a dramatic impact on both businesses and consumers in reshaping the way transactions are conducted and influencing daily life in significant ways.

John Halliday, from the Independent Retailers Confederation, said: “We can clearly see the impact the pandemic and technological development has had on the variety of ways people pay for goods and services.   So much so that now even cash appears at risk of being demoted in place of contactless payments, account-to-account transactions, digital currency, and more.”

He added: “To ensure the Retail SME community is prepared for the years ahead, we’re urging all retail businesses to provide us with the vital information needed to inform relevant bodies and agencies what businesses and their local communities need now and in the future.”

The survey, which is anonymous, contains 27 questions and will take just six minutes to complete.

The IRC is urging shop owners to help protect and prepare the sector and local communities for the years ahead by contributing to this important research by clicking here.

The survey will run until Monday, 31st August 2023, and results will be revealed shortly afterwards.

The Independent Retailers Confederation (IRC) will be working with key financial institutions within the UK to gauge the shift in retail payments.

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