Debit card spending outstrips cash

Covered mag, presented by Gocompare.com
  • | by Kristian Dando
British consumers spent more money using debit cards than with cash during 2010. The UK Payments Council revealed that £288bn was spent on debit cards last year, while £266bn was spent using physical money. Internet shopping has been attributed as one of the main reasons for debit card payments outstripping cash during 2010. November witnessed an acceleration of card spending on the internet, as people bought presents for Christmas from online retailers. Meanwhile, there were 1.1 billion cheque transactions made in 2010, a fall of 13 per cent compared to 2009. The UK Payments Council has previously recommended that the method of payment should be phased out by 2018.