Just 7% of UK shop payments will be cash in 2024

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Just 7% of UK shop payments will be cash in 2024

The recent coronavirus pandemic accelerated the shift to card and mobile payments, predictions show that just 7% of payments in shops will be made in cash by 2024.

In 2019, cash accounted for 27% of in-store transactions, this fell to just 13% last year and reports predict that this will continue to fall over the next three years.

International figures show that in several other countries including; Sweden, Canada and Australia, payments made in-store by cash are already less than one in 10.

It is predicted that Sweden will be almost cashless by 2024, with 0.4% of transactions paid for with cash, down from 15.2% in 2019 and 8.8% last year.

Consumers and businesses in the UK were already moving away from cash payments before the pandemic hit, and as concerns rose surrounding the idea that Covid-19 could spread via surfaces and shoppers were being advised to use contactless to tackle transmission, this led to some companies switching to contactless methods.

The reality is that the UK is fast becoming a cashless society and businesses need to do everything they can to keep up with the change in demand. If you don’t already offer your customer the option to pay by card, contactless and Apple/Google Pay then get in touch with Card Saver today and we will pair you up with the perfect terminal for your business.

Find out more about the benefits of going cashless here or request a call from one of our specialist agents via our get a quote page.

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1. Our refer a friend offer is available to existing Card Saver customers who provide a successful referral to Card Saver of a new customer incorporated in the United Kingdom or Republic of Ireland who take services consisting of Card Saver acquiring, Card Saver terminals or Card Saver gateway (the “qualifying services”) and subject to the criteria, exclusions and limitations below. Each successful referral in accordance with these terms shall be entitled to £100 or £150 if referral is submitted before Valentine’s Day 2020 (14th February 2020).

2. This offer is only available until for an unlimited time however this can be amended or withdrawn at Card Saver’s discretion. 

3. The referrer must not be an employee or owner of the business being referred. 

4. The referred customer must be an entity that has never had a facility with Card Saver.

5. Card Saver’s standard account opening procedures will apply and your friend will need to be accepted as a new customer of Card Saver (which shall be at Card Saver’s sole discretion). Terms and conditions apply to all Card Saver services.

6. A successful referral is defined as a business live with Card Saver using the qualifying services and where direct debit payment authorities are in place for both the existing and referral customer.

7. If you pass the contact details of the referral to Card Saver, you are confirming that you have the referral customer’s permission to do so. You consent to us using your name and contact details to verify you as the referrer of your friend and in any communications we may have with your friend and to pass these details to any third parties.

8. Provided that the terms are complied with, Card Saver will contact you directly by email for the £150 payment to be sent to you.  We will endeavour to send this within 30 days of us being satisfied that the criteria herein for a successful referral have been met.  The £150 will be sent to the email address provided in your application form but will only be issued in the name of your business and not to an individual employed by your business.

9. This referral offer cannot be combined with any other promotional offer.

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11. Card Saver reserves the right to amend, suspend or withdraw the ‘Referral Road Scheme’ at any time for any reason. The offer is non-transferable and may be revoked at any time for any reason. The rules to the ‘Referral Road Scheme’ may be changed without notice and at the sole discretion of Card Saver.

12. Card Saver reserves the right to refuse a claim of the £150 if it has reasonable grounds to believe that there has been a breach of these terms and conditions, a misuse of our intellectual property rights including Card Saver trademarks and/or materials, any misrepresentation; abuse of the Referral Road promotion; or any illegal or criminal activity including fraud in connection with this offer. 

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