Debit overtakes cash in U.K.

Debit overtakes cash in U.K.
Tags: Bank / Credit Union, Debit / Credit, Other
April 20, 2006

ePaynews: In the United Kingdom, debit card use outgrew cash use for the first time in 2005. Debit card use took a 37 percent share of the total and rose by 14 percent from 2004, according to the Association for Payment Clearing Services. Cash use fell by 4 percent in 2005. Credit and debit card spending accounted for 63 percent of total retail spending in 2005, up from 60 percent in 2004.