Feeds

Brits now spend more on debit cards than rustle or jingle money

Ballistic plastic shrinks nation's bulging wallets

The Power of One Infographic

British shoppers are for the first time spending more on their debit cards than in cash, according to banks.

The 1.7 billion debit card transactions in the first eight months of this year were worth £272bn, compared to £269bn for cash, the Payments Council said today. Spending on plastic during the August bank holiday relegated cash to second place for the first time.

The gap is set to widen. In the third quarter, tills rang up £73.1bn on debit cards, up almost 11 per cent on the same period in 2009, with an extra 1.6 million transactions per day.

The payments industry expects the take-up of Oyster-style contactless debit cards to further draw consumers away from folding or jingling money.

"Cash is too cumbersome for many consumers these days - they prefer a card for anything more than the smallest transactions," said Payments Council spokeswoman Sandra Quinn.

"We now expect our debit cards to be accepted everywhere we go - in pubs and clubs, at the corner shop, online and on the high street."

The long decline of cheques also continued, with banks keen to phase out the relatively expensive-to-adminster system in 2018.

It's not all good news for the plastic-money biz, however, with credit cards declining in popularity. Total borrowing has remained static since 2005, and fallen when inflation is accounted for; meanwhile the number of cards in circulation has plummeted by 14 per cent to 60.7 million. ®

Mobile application security vulnerability report

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.