Brits are more likely than they used to be to pay with cash than to incur bank charges through their transactions, a new study has shown.The British Retail Consortium's (BRC) Cost of Payment Collection Survey for 2011 found customers used real money for their purchases in 5.7 per cent more transactions during the year than they did in 2010.It pointed out shops typically find it 24 times cheaper to accept a cash payment than to deal with credit card charges.Further discoveries from the poll were that the bank charges incurred by lenders against retailers are still "unjustifiably high".Processing a charge or credit card claim typically costs 36.2p, compared with 9.6p for a debit card payment and 1.5p for the transportation and banking of real money.Recently, director-general of the BRC Stephen Robertson said there ought to be "fairer costs for customers and retailers whenever they pay by card".John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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