Mark Bridge writes:
Cash is still king… but its days are numbered. That’s the message from a new report published this week by the Payments Council.
The Payments Council, which is a group of financial institutions that sets strategy for UK payments, has released ‘The Way We Pay 2010’. It shows how the last decade has seen a fall in the percentage of transactions using cash, from 73% in 1999 to 59% in 2009. In just five years time, cash transactions are expected to represent less than 50% – and a further fall to 45% is expected by 2019. Meanwhile, debit card spending in the UK rose from £65 billion in 1999 to £264bn in 2009.