Despite predictions that cash will disappear within a few years, cash handling and money processing equipment supplier Scan Coin has launched a market report that paints a different picture.
It claims that cash accounts for 55.2% of all transactions and £32.78 in every £100 spent at retail outlets is by cash, showing that despite the popularity of debit and credit cards, people prefer to use cash when they are buying low-value items, with 77% of people still opting for notes and coins for purchases of less than £3.
Following the research, undertaken for Scan Coin by Fieldworks Marketing, two thirds of a sample of 200 people in the 16-24, 25-45 and over 45 categories, believe that notes and coins will never disappear within any reasonable timescale, despite the growth of cards and mobile phones.
Steve Fitton, sales director at Scan Coin, said: “Money has and will always be a highly emotive issue and attempts by companies to take decisions without fully consulting consumers are likely to fail or not deliver on the anticipated results.
“Retailers are always focused on their costs, never more so than in 2012 which is predicted to be both tough and uncertain. Already dissatisfied at the commission charges levied by the banks and acquirers, they will definitely want to know the facts about money management.”