APACS has released new figures from the UK payments industry that give an authoritative overview of UK consumers’ spending habits last year.
According to APACS, "the figures show that 2008 followed the key trends seen over recent years with cash and credit card spending remaining comparatively flat, cheque use falling and spending on debit card and electronic payments continuing to rise. In particular last year, the growth of debit card spending at retailers remained strong with spending rising by 6.8%: debit cards now account for two-thirds of spending on plastic cards.
The retail spending statistics, which cover all online and offline retail transactions in 2008, show that of a total £269.9bn spent by consumers, 43 per cent (£116.1bn) was by debit card, 32 per cent (£86bn) was by cash, 23 per cent (£60.7bn) was by credit card and only 3 per cent (£7.1bn) was by cheque."
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