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"Increase in debit card popularity"

By admin | June 23rd, 2008 | General

A recent report has shown that there was an increase in the use of debit cards at UK retailers last year. Over the course of last year the level of spending on debit cards at retailers across the nation is said to have spiked by around 11%. Whilst consumers tend to enjoy the convenience and ease of spending on plastic many have been reining in on their credit card spending, which may be part of the reason behind the hike. Another reason is that many retailers have banned payment by cheque over the past year, so many of those that used to pay by cheque may not have switched to debit card payments.

According to recent figures released by the payment clearing agency APACS around 42% of all online and offline spending at retailers last year was on debit cards, whereas only 3% was by cheque and just 32% by cash. The report also showed that there has been a standstill when it came to credit card spending over the last three years. Some officials have said that one of the reasons for the increased popularity of debit cards and the lack of increased activity with credit card use at retailers was that many people were trying to avoid getting into debt in the current financial climate, and were therefore trying not to spend money that they hadn’t got.

One official from APACS said: “We are becoming increasingly reliant on our plastic cards at retailers as they offer us convenience, speed and access to services, such as the cashback facility, which other payment options cannot provide. Different situations suit certain payments and it seems that the high street is truly the place for the debit card.”

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