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Consumers increasingly 'choosing alternative payment methods'
29 Jun 2011

With consumers feeling the pinch, many are turning away from credit cards and instead opting for alternative methods, a study from the British Retail Consortium (BRC) shows.

Shoppers are increasingly reluctant to spend money they have not got, the research found. E-Money and contactless smart cards could be utilised in a bid to avoid relying on credit.

"In the face of big pressures on household budgets, people are managing their money carefully while retailers are minimising the costs they can influence by investing in anti-fraud technology," explained BRC director general Stephen Robertson.

The study comes just weeks after the Pay Your Way campaign found that a cashless society could become a reality, as many people dislike carrying money around with them.

Research by the organisation shows that 65 per cent said one of the things which makes them most nervous with regards to cash is having a large amount of money on them.