Debit cards 'most popular' as cheque use falls
09 September 2010 15:22:01
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| Bank account customers prefer debit cards to cheques. |
A report by the Payments Council reveals that cheque usage dropped by £21.5bn in the second quarter of 2010.
In contrast, it seems that consumers are opting to seek out the best bank accounts and make the most of their debit cards.
According to the Payments Council report, debit card usage rose by £7.9bn year-on-year, while there has also been a 67% increase in the amount of money moved via the Faster Payments system, which allows bank account customers to transfer money quickly between accounts.
Sandra Quinn, director of communications, said: "Debit cards are taking over our daily purchases, while Faster Payments are fast becoming how we transfer our money electronically."
Ms Quinn added: "We use cash less where there is an easy alternative, but we're years away from cash falling out of fashion."
The Payments Council has set a target end date of October 31st 2018 for cheque clearings in Great Britain and Northern Ireland.
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