30 April 2008
Cash is not being killed off by the popularity of credit cards, the British Retail Consortium (BRC) has claimed this week.
Paper money is "widely used" and not declining in any manner, spokesman Richard Dodd noted, as cash was used in a high number of transactions.
But the figures represent a "blip" over a longer time period, he added, because of growth in the credit cards market.
And it will be "interesting" to discover what happens over the next year or so as the economy changes and people adjust to it, Mr Dodd asserted.
He commented: "It could well be that we see similar results or even further progress for cash in a year's time. But if we think about this over the next five or ten years the results we are seeing now will prove to be a blip."
By value, cash accounted for 34 per cent of retail spending in over the course of the last 12 months, the BRC has said.