Use of debit cards has rocketed this past year

The use of debit cards by consumers has rocketed this past year says the UK Payments Council, the strategic payment systems oversight organisation.

Consumers have decided to use their debit cards more than cash or credit cards for the first time ever, says the Council’s recently revealed figures.

The payment systems overseer body stated that consumer spending done on debit cards reached a grand total of  £272 billion in the past year through September.  The amount of cash spent in the same time period only amounted to £269 billion.

These figures highlight how Britain is moving towards a more cashless society, with experts forecasting that the usage of cash will continue to decline; additionally the number of debit card holders in the UK has risen from 40 million in 2006 to 43.1 million today.

Fewer and fewer UK consumers are reaching for their chequebooks as well, as cheque usage is also in decline.  Compared to the same period last year, there were 104 million fewer written in the time leading up to September of this year.

While the UK Payments Council has already passed a vote to completely phase out the use of cheques in Britain by the end of October of 2018, they also made assurances that the phase out will only occur once an acceptable and accessible alternative system for making patments is introduced in the UK.

Sandra Quinn, spokeswoman for the Payments Council, stated that many consumers find cash simply too cumbersome to carry about with them, instead preferring to use a card for everything larger than the most minimal purchases.

Ms Quinn continued, stating that most UK consumers expect that their debit cards will be accepted wherever they happen to be – online, on the High Street, at the corner shop, and in clubs and pubs as well.

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