Debit card payments have overtaken cash use for the first time, new figures show, as contactless technology takes a firm hold on day-to-day spending.
A total of 13.2 billion debit card payments were made last year, a rise of 14% on the previous year, according to banking trade body UK Finance.
That outstripped the 13.1 billion cash payments made, as the use of notes and coins dropped by 15%.
An estimated 3.4 million people hardly used cash at all during the year.
The annual report into the way consumers make payments revealed that the UK is a nation of spontaneous spenders. Only 15% of the 38.8 billion payments made in the UK in 2017 were for regular bills and commitments.
Read on about this BBC News article HERE
Well, I guess we all saw this coming, as more and more it is much easier to pay by contactless debit cards than to pay by using cash.
I can see cash payments going the same way as cheques have already gone.
Opinions please.
A total of 13.2 billion debit card payments were made last year, a rise of 14% on the previous year, according to banking trade body UK Finance.
That outstripped the 13.1 billion cash payments made, as the use of notes and coins dropped by 15%.
An estimated 3.4 million people hardly used cash at all during the year.
The annual report into the way consumers make payments revealed that the UK is a nation of spontaneous spenders. Only 15% of the 38.8 billion payments made in the UK in 2017 were for regular bills and commitments.
Read on about this BBC News article HERE
Well, I guess we all saw this coming, as more and more it is much easier to pay by contactless debit cards than to pay by using cash.
I can see cash payments going the same way as cheques have already gone.
Opinions please.