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News - 17 April 2010

Imagine a world without cash...

...It isn't very hard to do. Credit and debit cards are becoming so popular, so easy to use and so easy to accept that cash may soon be as antiquated as the fax machine .

According to a new report from the Payments Council we are going through a payment revolution and in about five years from now cash will be used in less than half of all transactions.

The report - The Way We Pay 2010 – sounds the death knell for cash as its usage declines from 60% of purchases today to less than 50% in five years time.

Of the 60% of current cash transactions more than 80% are for purchases of less than £10.

Debit card spending is the future and is expected to increase from £264 billion in 2009 to £490 billion in 2018. Credit card usage, on the other hand, has actually fallen in real terms since 2005.

Use of cheques is now almost unheard of with only 0.8% of retail transactions being made by cheque.

According to the report new technologies such as Chip & PIN have played a key role in driving behaviour patterns away from cash in favour of cards as it brings added security in an area where fraud has been rife.

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