The use of cash in 2011 was up by 5.7% compared to 2010. The BRC based its figures on 9.5 billion transactions in British shops. Tom Ironside: “In 2010 financial worries were putting people off running-up debt and they turned away from cards. Now times are even tougher.”
The figures come only weeks after the Court of Justice of the European Union, on 24 May, rejected a legal challenge by MasterCard that the European Commission’s decision to classify cross-border transaction fees as uncompetitive. The fees are charged by a cardholder's bank to a merchant's bank for each card transaction. MasterCard had agreed to lower its charges in 2009 but the EU Commission believed Mastercard had not gone far enough.
Michiel Willems © 2012 CP Publishing Ltd. Picture: News.bbc.co.uk