Debit card spending rockets

Published on 1 January 1970 by Raffick Marday

Britons are now using their debit cards more than ever before – and the trend is likely to continue for the next decade at least.

New figures from the Payments Council show that last year, over £260bn (£264bn) was spent using debit cards, compared to just £65bn in 1999.

The figure for 2018 is expected to nearly double to £490bn.

As spending on plastic increased, cash spending went down. Last year, 59 percent of transactions were made using cash, down from 73 per cent in 1999.

The survey also recognises the rise of Faster Payments, which include telephone and internet payment.

Last year, nearly 300m (294m) money transfers were made this way, with over 800m (836m) expected in 2018.

People without credit or debit cards who want to make the most of this could get a prepaid card.

These can be used to take advantage of online payment opportunities.

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