The yearly payments study conducted by the British Retail Consortium (BRC) has revealed that cash usage has increased for the first time in a decade.
Sky News reports that the poll revealed a dramatic change in how consumers pay, with cash making a comeback after a 10-year hiatus.
A more cautious approach to household budgeting is thought to be the cause of this shift. As in previous years, 76% of all purchases in 2022 were made using a credit or debit card. In example, almost 80% of all card transactions were made using debit cards. 
The 1.26 billion pounds spent by retailers in 2022 on card processing fees was a significant amount. The current payment systems have significant financial consequences for enterprises, as seen by this chart. ‘Buy now, pay later’ and similar alternative payment options saw a notable increase in popularity. In 2022, the utilization of these methods increased from 2% of transactions to 5%, indicating a growing need for flexible payment choices among consumers.
In addition, there was a noticeable tendency of customers making smaller and more frequent payments. From 17.2 billion in 2021 (47.2 million per day) to 19.6 billion in 2022 (53.7 million per day), the number of transactions increased, clearly indicating this trend.
Simultaneously, the average value of transactions fell from £24.49 to £22.43, indicating that shoppers are being more frugal and selective with their buying.
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