UK Debit Cards Overtake Cash For First Time: Study
Fahad Shabbir (@FahadShabbir) Published June 19, 2018 | 12:25 AM
London, (APP - UrduPoint / Pakistan Point News - 19th Jun, 2018 ) :Cash is no longer king in Britain -- and has been usurped by debit cards, thanks to rapid changes in technology and consumer behaviour, new research showed Monday.
Debit card payments overtook cash last year for the first time, as more and more Britons embraced contactless transactions, online shopping and payment by smartphone, trade association UK Finance revealed in a study.
"Evolving consumer habits, increasing access to card payments and new technology are providing consumers with more choice," UK Finance concluded.
Consumers made a total of 13.2 billion debit card transactions in 2017, beating the 13.1 billion payments that were made in cash, UK Finance said.
Almost two thirds of Britons now use contactless, according to the organisation which represents 300 top firms in finance, banking and payment-related services.
The total number of contactless transactions meanwhile doubled in one year to reach 5.
6 billion on both credit and debit cards, as more businesses accepted the method that does not require a PIN number.
At the same time, the overall number of cash payments slid 15 percent in 2017.
And some 3.4 million Britons almost never use cash any more, instead relying on cards and other payment methods.
However, many people still rely heavily on cash.
Around 2.2 million people mainly used cash for their day-to-day shopping in 2017.
"The choice of payment options available in the UK is allowing people to choose to pay the way that best suits them," said UK Finance chief executive Stephen Jones.
"But we're far from becoming a cash-free society and despite the UK transforming to an economy where cash is less important than it once was, it will remain a payment method that continues to be valued and preferred by many."Cash was still expected to retain its place as the second most frequently used method over the next decade, UK Finance added.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From World
-
Togo lawmakers approve contested political reform
3 hours ago -
NATO must choose 'whether we indeed are allies': Zelensky
3 hours ago -
US House to vote on Ukraine, Israel, Taiwan aid package
3 hours ago -
Calls for calm after reported Israeli strike on Iran
4 hours ago -
IMF calls on EU to deepen single market integration to boost growth
4 hours ago -
Second Ecuadoran mayor killed ahead of anti-crime referendum: police
4 hours ago
-
Oil, gas drilling blocked in Alaska wilds as Biden seeks green cred
4 hours ago -
Man sets self on fire outside Trump trial
4 hours ago -
Turkey's Freedom Flotilla ready to set sail for Gaza
6 hours ago -
French teen dies from heart failure after knife attack near school
6 hours ago -
Iranians appear unfazed by Isfahan blasts
6 hours ago -
Ecuador mayor killed ahead of anti-crime referendum: police
6 hours ago