Welcome to the News View for "APACS".
Here, on these archive pages, you'll find all of the articles on Payments News for APACS listed in date sequence beginning with the most recent article at the top of the page.
Card usage has flourished as traditional payment means have withered. But credit card usage has actually fallen in real terms since 2005. Debit cards have become the payments workhorses. We have increased how much we spend on cards fourfold in ten years and will use them six billion times this year. Increasingly debit cards have taken over both higher value credit card payments, and lower value cash payments. By 2018, one in four of all transactions will be on a debit card, up from just one in twenty ten years ago.
According to the Council, "the combined force of industry initiatives such as: chip and PIN; the increasing use of sophisticated fraud detection tools by banks and retailers; and the work of the DCPCU , the banking-sponsored special police unit, have all helped contribute to this fall. It is the first time that card fraud has decreased since 2006."
By fraud category, here are the results:
The fraud to turnover rate on debit and credit cards amounted to 0.1 per cent in the first half of the year – reflecting the fact that around a tenth of a penny is lost to fraud in every £1 spent on cards.
71% of all cash acquired by consumers came from cash machines
2.9 billion cash machine withdrawals were made last year - equivalent to 91 withdrawals per second
Cash payment volumes are forecast to fall by 27% over the next 10 years
If current trends persist, next year for the first time debit card spending will overtake cash spending by value in the UK.
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."
As the Guardian reports, earlier UK credit card "lenders were given two weeks to come up with a set of "fair principles" and warned that the Office for Fair Trading would be asked to investigate if they failed to agree on a plan."
"In the second quarter of 2008 there were 1.8 billion plastic card purchases made in the UK totalling £92.6 billion. The number of purchases was 7.8% higher than in the second quarter of 2007, and spending was 7.5% higher. Debit cards accounted for 73.4% of all plastic card purchases compared with 71.6% in the second quarter of 2007."