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.
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.