Around 60,000 small and independent retailers are putting their businesses and livelihoods at risk by not accepting card payments, a new study by Worldpay has revealed.
With UK consumer card spending now outstripping cash, a quarter of UK consumers claim they have started avoiding shops that don’t take cards, while 30% say they only use cash if absolutely necessary, the study of 2,000 shoppers found.
Cash use is particularly unpopular with young people, with 60% of 24 to 34-year-olds saying they would prefer not to have to carry it.
However, according to Worldpay one in 10 small and independent retailers are still refusing to accept card payments, while a further 10% impose a lower limit on non-cash payments.
Dave Hobday, UK managing director of Worldpay, said: “For today’s digitally-driven shoppers, cash has become a relic. It’s easy to see why that’s the case, as innovations like contactless and mobile payments continue to raise the bar in terms of speed, simplicity and convenience.
“For consumers, being able to pay by which ever method they choose is a minimum requirement of what it means to be a modern retailer.”
The study findings co-coincide with the launch of Worldpay’s new iStreet campaign - designed to help small and independent retailers embrace technology and “offer the type of experience that modern consumers expect”.