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| Version 3 | Version 4 |
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| Worried shoppers 'turn to cash' | Worried shoppers 'turn to cash' |
| (about 9 hours later) | |
| Worried shoppers are increasingly spending with cash instead of credit cards, a survey by the British Retail Consortium (BRC) has suggested. | Worried shoppers are increasingly spending with cash instead of credit cards, a survey by the British Retail Consortium (BRC) has suggested. |
| A survey of 17,000 shops found cash was used for 60% of transactions last year - up from 54% in 2006 - and accounted for about a third of all money spent. | A survey of 17,000 shops found cash was used for 60% of transactions last year - up from 54% in 2006 - and accounted for about a third of all money spent. |
| The BRC said it showed a reluctance by people trying to control their finances to spend money they did not have. | The BRC said it showed a reluctance by people trying to control their finances to spend money they did not have. |
| Director general Stephen Robertson said cash was "alive and thriving". | Director general Stephen Robertson said cash was "alive and thriving". |
| "Hard-up customers are increasingly reluctant to spend money they haven't actually got in their hands," he said. | "Hard-up customers are increasingly reluctant to spend money they haven't actually got in their hands," he said. |
| There should be a lower fixed fee per [card] transaction which actually reflects the cost of processing Stephen RobertsonBritish Retail Consortium "While total retail spending continues to grow, there is a widening gap between the amount spent in cash and the amount spent using cards, suggesting customers want to keep tight control of their finances." | There should be a lower fixed fee per [card] transaction which actually reflects the cost of processing Stephen RobertsonBritish Retail Consortium "While total retail spending continues to grow, there is a widening gap between the amount spent in cash and the amount spent using cards, suggesting customers want to keep tight control of their finances." |
| The BRC Cost of Collection report also argued debit and credit card companies should cut the amount they charge retailers. | The BRC Cost of Collection report also argued debit and credit card companies should cut the amount they charge retailers. |
| It said a £20 transaction in cash cost the retailer around 4p, but a shopper paying by credit card would cost them more than four times that amount. | It said a £20 transaction in cash cost the retailer around 4p, but a shopper paying by credit card would cost them more than four times that amount. |
| HAVE YOUR SAY I use cash since card cloning became a problem Dee, WatfordRead your comments | |
| Mr Robertson said the charges were "unjustifiable" and cost customers because retailers were forced to pass them on. | Mr Robertson said the charges were "unjustifiable" and cost customers because retailers were forced to pass them on. |
| "There should be a lower fixed fee per transaction which actually reflects the cost of processing, so new technology brings balanced benefits to retailers, consumers and banks," he added. | "There should be a lower fixed fee per transaction which actually reflects the cost of processing, so new technology brings balanced benefits to retailers, consumers and banks," he added. |
| EU probe | EU probe |
| The underlying charges for accepting the cards, levied on shops by card issuers, have been under regulatory scrutiny for a long time, both in the UK and in Europe. | The underlying charges for accepting the cards, levied on shops by card issuers, have been under regulatory scrutiny for a long time, both in the UK and in Europe. |
| Since 2000 the Office of Fair Trading (OFT) has been investigating the interchange fees imposed by Mastercard and Visa and is expected to rule shortly. | Since 2000 the Office of Fair Trading (OFT) has been investigating the interchange fees imposed by Mastercard and Visa and is expected to rule shortly. |
| Last month the EU began an investigation into the charges made by Visa when a credit card user shops abroad, and last year Mastercard was criticised by the European Commission for charging cross-border fees on credit and debit card transactions. | Last month the EU began an investigation into the charges made by Visa when a credit card user shops abroad, and last year Mastercard was criticised by the European Commission for charging cross-border fees on credit and debit card transactions. |
| The payments industry says the charges reflect the fact that payment to the retailer is guaranteed, even though the customer has not paid the credit card company yet. | The payments industry says the charges reflect the fact that payment to the retailer is guaranteed, even though the customer has not paid the credit card company yet. |
| Are you using cash more than you used do? Are you trying to control your finances better? Send us your experiences by filling out the form below. | Are you using cash more than you used do? Are you trying to control your finances better? Send us your experiences by filling out the form below. |