Survey: Payment Trends in Retail

The Independent Retailers Confederation (IRC) and British Independent Retailers Association (Bira) are working with UK Finance, HM Treasury, Bank of England and The Royal Mint to gauge the shift in retail payments and how cash is valued in the independent retail community compared to other forms of payments.

It is hoped that the insights gathered from the 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 the 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.

“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. It will run until Monday 31st August 2023 and the results will be revealed shortly afterwards.

To take part in the survey click here.


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