Debit card payments more popular than cash
Posted on in Business News , Cycles News , Creative News, Outdoor News
Debit card payments have overtaken cash use for the first time as contactless payments becomes the norm.
13.2 billion debit card payments were made last year, up 14% on the previous year, and surpassing the 13.1 billion cash payments made, according to UK Finance.
The use of cash dropped by 15% during the year, with an estimated 3.4 million people hardly using any cash at all.
The frequency of contactless payments almost doubled to 5.6 billion payments last year. This was most commonly used in supermarkets, but card suppliers say that public transport and car parking have also become popular for contactless cards.
In 2017, contactless cards accounted for 15% of all payments, but UK Finance predicts this proportion to rise to 36% within the next ten years. The growth of online shopping and card acceptance among smaller traders would lead to further growth in debit card use in general, UK Finance said.
Being able to accept card payments is key for any small business.
To ensure ActSmart can provide the best solution for all businesses, we have partnered with two card processing partners - one for established businesses with medium to high card turnover and one for new and smaller businesses with lower card volumes.
Find out more about our card processing services.
