Debit card transactions cost four times more to process than cash payments, says the UK's leading retail trade association, raising concerns that the move from cash to contactless debit cards and NFC phones will increase retailers' overheads.
Cash transactions costs UK retailers an average of 2.1p to process while a debit card payment costs 8.5p and a credit card transaction costs an average 34p, says the British Retail Consortium (BRC).
"Retailers are seriously concerned that banks plan to make the higher debit card charging regime the norm for the emerging contactless and mobile phone payment methods," says the BRC, and "if that happens, retailers would face huge increases in their costs as these new ways of paying replace cash – particularly for low value purchases."
"As part of its promised clampdown on irresponsible banking behaviour, the new Government should........to read the full article click here
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