Central Banking

UK consumers drop cash in move towards mobile payments

Mastercard is introducing a raft of new mobile payment technologies edit

UK consumers are using less cash and increasingly showing a willingness to turn to alternative methods of making transactions including mobile payments, studies by the British Retail Consortium (BRC) and payments infrastructure provider VocaLink have found.

A survey of nearly 10 billion retail payments by the BRC showed that cash usage in 2012 fell by 9.7% as a proportion of the total value of transactions, and by 6.7% as a proportion of total volume. Many consumers appear to have shifted

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