What do we know about cash? Here are some very interesting facts about cash transactions within the retail industry:
“The value of euro banknotes in circulation is €1.136 billion” (ECB, 2017)
“The current number of notes in circulation is 74,359 million.” (BoE, 2017)
“The average cost to a retailer of processing a credit or charge card payment has increased by 18% in the last 5 years.” (BRC, 2017)
“The average shrink percentage in the retail industry is about 2% of sales.” (The balance, 2017)
“To process a credit card transaction costs retailers 40.9p (67.5 cents) on average, debit card costs 8.8p (14 cents) but to process a cash transaction only costs retailers 1.3p (2 cents) on average.” (BRC annual payments report, 2016)
“Worldwide, 85% of all transactions are made with cash.” (The future of cash, 2017)
“In 2016 over 374,000 counterfeit banknotes were taken out of circulation with a face value of £7.5 million.” (BoE, 2017)
“The average transaction value for a cash purchase was £9.87 in the UK in 2016.” (BRC payment report, 2016)
“Cash withdrawals in 2016 amounted to £129 billion.” (Link, 2017)
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£2.831 Million Cash was withdrawn from ATMs in the UK (Link, 2015)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)