22 April 2018
https://www.avoka.com

Debit replacing cheques on high street - Apacs

09 May 2008  |  2562 views  |  0 Source: Apacs

Figures released today (9 May 2008) by APACS, the UK payments association, show that the debit card retains its popularity at retailers, with spending rising by 11% last year. This rise serves as a stark contrast from cheque spending, which declined by 7.5% in terms of value and 13% by volume, over the same period.

The statistics, which cover all retail transactions in 2007 (both online and offline), show debit card spending at 42 per cent (£109bn) of the total £261bn spent, against cheque at 3 per cent (£7.5bn) and cash at 32 per cent (£84bn).

Interestingly, the findings also reveal that whilst the debit card is experiencing a hike in usage, credit card spending at retailers has plateaued over the last three years. This suggests that people are tending to prefer a ’pay now’ approach as opposed to a ‘pay later’ option, when at the tills.

Sandra Quinn, director of communications at APACS says:

“As retailers are increasingly deciding to stop accepting cheques, it is expected that a large proportion of those payments will migrate to debit card payments. This will simply accelerate a change that is well underway as over the last three years we have seen debit card spending rise 31%, cheque spending fall 33% and cash spending reach a point of equilibrium.

“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."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://aciworldwide.webex.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
11469 views comments | 20 tweets | 27 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
10069 views comments | 18 tweets | 32 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9899 views comments | 14 tweets | 19 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
9141 views comments | 16 tweets | 22 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
8532 views comments | 9 tweets | 10 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job