Plastic Fantastic: Cards Overtake Cash

I was really intreagued by a FinExtra article this morning that discussed the fact that for the first time ever, spending on debit cards was higher than spending of notes and coins. The report from the UK Payments Council also highlights that there has been a huge increase of purchases made using debit cards as opposed to cash. Compared with the same period last year, UK consumers are making an extra 1.6 million purchases per day. Another hint at the decline of the use of cash is the fact that withdrawals from cash machines fell by 1.5% in the 3rd quarter of 2010 compared with the same period in 2009...

Click to read more ...