News & Views - Savantor

Revival of cash on the High Street

Tuesday, 30 September 2008

Whether you believe Cash is dead, dying, or still King is likely to depend on whether you sit on the retail or the bank side of the payments fence. The BRC believe that the current economic climate is seeing at least a revival of cash on the High Street but the latest figures from APACS suggest that plastic card spending in August was £32.0 billion a rise of 0.9% giving a 12 month growth rate of 9%. The August spend is a record as was the number of transactions at 632 million.

Interestingly the spend on credit cards was the highest since March 2004 with a particular high in the food and drink spend. The number of cash disbursements on credit cards also rose sharply in August by 40%. This seems like good news for credit card issuers but is it an indication that cardholders are falling back on credit cards to buy more everyday items because households are feeling the pinch from the recession? If so we may see an increase in Collections department workloads over the next few months if cardholders cannot maintain the repayments on their increasing levels of debt.

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