New pay methods 'challenge banks'

Press Association
Paypal
Paypal

Customer take-up of new payment methods such as PayPal which are cheaper to process is challenging banks' dominance, a study by retailers has said.

The British Retail Consortium (BRC), which compiled the research, said people's willingness to use new technologies showed that the existing charging regime has to change, which would ultimately drive down costs for customers as retailers' own costs are reduced.