What do we know about cash? Here are some very interesting facts about cash transactions within the retail industry:
According to the 2014 BRC the average cost to a retailer to process a credit or charge card payment is now 40.9 pence, up 18.3% in the last five years.
In 2013 credit and charge cards accounted for only 9% of transactions, but almost half (48.7%) of cash handling costs.
The cost to process a cash payment has decreased by 38% over the last five years to just 1.3 pence per transaction.
If payment charges for every payment method were as low as they are for cash, over £800million in cost savings would be passed on to customers through lower shop prices.
The Bank of England issued 770 million notes in 2014/15 (Bank of England, 2015)
The Value of GBP Banknotes in Circulation is £63,789 million (Bank of England, 2015)
£2.831 Million Cash was withdrawn from ATMs in the UK (Link, 2015)
Shrinkage cost $123.4 Billion to retailers globally (Global Retail Theft Barometer, 2015)
The main source of UK Shrinkage is from administrative and non-crime loss at 40% (Global Retail Theft Barometer, 2015)
58% of all counterfeit banknotes are £20 (Bank of England, 2015)