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GPs to prescribe cycling to help improve mental & physical health

24 Aug 2022

The Department for Transport has announced a £12.7m trial to begin later this year, in which GPs in England will be able to prescribe walking or cycling as a way of improving mental and... Read more…

Cyber security only prioritised by businesses after a data breach, DCMS reports

23 Aug 2022

Government research has revealed that UK businesses only begin to appreciate the importance of cyber security once the business has sustained a “serious” attack.
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Cash use fell again in 2021 as contactless accounts for a third of all payments

22 Aug 2022

In its latest Payment Markets Report, UK Finance has said that the 40.4 billion payments made by consumers and businesses in the UK during 2021 represented a return to pre-pandemic payment... Read more…

How Are Small Shops Valued

18 Aug 2022

Small shops are defined as any shop less than 1,850m² (or 20,000 ft²). There are around 500,000 small shops in England and Wales – accounting for £11.5bn worth of rateable... Read more…

Leading UK retailers urge police to “make retail crime a priority”

18 Aug 2022

Over 100 leading UK retailers have written a joint letter to Police and Crime Commissioners in England and Wales requesting that violence and abuse against retail workers be made a priority,... Read more…

BikeBiz opens nominations for retailer awards

17 Aug 2022

Industry magazine BikeBiz has opened nominations for its annual retailer awards in association with ArmaUrto. Categories include IBD of the Year, Omnichannel Retailer of the Year, and Best... Read more…

Retail sales rose in July but ‘rocky road ahead’ forecast for retailers

17 Aug 2022

According to the BRC-KPMG Retail Sales Monitor, retail sales rose in July though the news came with a warning that this could be the “lull before the storm”.
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Learn from the best social media posts of 2022

20 Jul 2022

Each week Maybe* round up the best social media posts from across the UK. See who's coming... Read more…

ACT partner Maybe* in the press over Independents’ Day weekend 2022

14 Jul 2022

It's been a busy first half of the year at Maybe* HQ and they've kicked off the second half with one of their favourite celebrations, Independents' Day. Maybe*'s support of the campaign made 21... Read more…

DfT publish second Cycling and Walking Investment Strategy

7 Jul 2022

The strategy sets out objectives and an estimated almost £4bn of investment across Government through to 2025 to deliver the commitments outlined in the Prime Minister’s ‘Gear... Read more…

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Cash use fell again in 2021 as contactless accounts for a third of all payments

Posted on in Business News, Cycles News

In its latest Payment Markets Report, UK Finance has said that the 40.4 billion payments made by consumers and businesses in the UK during 2021 represented a return to pre-pandemic payment volumes after a significant fall in 2020 due to Covid-19 lockdowns.

And, as the economy reopened, payment trends reverted towards their long-running patterns, with card payments increasing and cash payments continuing to decline.

The report shows that:

  • Debit cards were the most used payment method, accounting for 48% of all payments.
  • The number of cash payments fell by 1.7 per cent in 2021, although it remained the second most commonly used payment method, accounting for 15% of all payments in the UK.
  • Faster Payments overtook Bacs Direct Credit as the payment method most frequently used by businesses.
  • 57 per cent of UK adults used mobile banking in 2021.
  • Almost a third of all payments in the UK were made using contactless methods in 2021.

Contactless payments – including payments initiated using contactless cards, mobile phones and watches – continue to grow in popularity. Almost a third of all payments in the UK were made via contactless methods in 2021, up 36% compared with 2020.

Contactless appears to be popular with consumers, due to the speed and security of transactions. The increase in the contactless payment limit (to £45 in April 2020 and then to £100 in October 2021) expanded the range of purchases that could be made this way. Retailers also encouraged the use of contactless during the pandemic as a way of helping to facilitate social distancing in shops. Card acceptance devices have also become more widespread in recent years, especially among smaller businesses.

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