In the UK, the value of cash transactions has jumped 4 percent since 2011, reaching GBP 121 billion, a recent study has unveiled.
According to the Retail Fraud Study, sponsored by Volumatic, a UK-based manufacturer of intelligent cash handling equipment, and RGIS, a provider of inventory, supply chain and merchandising services, the increase was most obvious in the hospitality and retail sector where 58 percent of all transactions were made by cash.
The same study has pointed out that cash is also popular among retailers as it’s more cost efficient than processing electronic payments. Bank charges on debit and credit card payments amount to GBP 9.3p and GB P33p per transaction respectively. A cash payment is cheaper to process at around GBP 2.3p per transaction.
As cash is still a major competent in the market, cash handling systems remain an integral part of retailer’s loss prevention strategies. Data has shown that 49 percent of retailers use secure cash storage devices at the POS, 48 percent use cash counters and 69 percent use forgery detection devices. The cost of handling cash could fall further for retailers as products that remove the need for a cash office are being introduced to the market. As well as securing cash, these products also detect forgeries, count cash and update the retailer’s bank account straight away.
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