APACS: Cash is big fish in U.K.

APACS: Cash is big fish in U.K.
Tags: Associations / Conferences, Bank / Credit Union, Debit / Credit, North America, Other, Transaction Processing
March 18, 2007

Finextra: The United Kingdom's payments association APACS says Brits show no signs of abandoning cash anytime soon. That's despite predictions from Visa that society will be cashless by 2012. According to APACS, cash accounts for 63 percent of all day-to-day payments by volume. It is particularly popular for low-value payments - over 96 percent of all payments less than £5 were made with cash in 2006. As far as trends are concerned, 2004 was a landmark, anomaly year, when card payments overtook cash by value for the first time in the U.K.