Independent retailers are £12bn out of pocket Simon Black, chief executive for Sage Pay, said: "Every day, UK retailers are watching £33m walk out of their shops. There is clearly a disconnect between what retailers are offering customers and how British consumers like to shop. Too many retailers are reliant on outdated payment models. Cheques will soon disappear, while some argue that it won't be long before coins go the same way," said Mr Black. Outlets that only accept cash tend to be grocery stores, restaurants, takeaways and pubs, as owners feel the associated costs of plastic transactions are too high. According to Mr Black, the average amount of cash carried in a consumer's wallet is £10 to £20 as Britain moves towards a cashless society. The future, according to Mr Black, is paying by swiping debit and credit card details via a smartphone, reducing checkout queues. This will enable retailers to collect more data from the consumer, keeping shoppers abreast of promotions. "There is a revolution in ecommerce that retailers cannot ignore," said Mr Black.