Cash No More: Debit Cards Overtake Notes & Coins

Cash loses its crown as debit cards take the top spot for the first time ever – cash withdrawals, by value, fall in third quarter Cheque usage set to halve in five years at current pace of decline Debit card usage soars as we make an extra 1.6 million purchases every day in comparison to last year. Cash finally succumbed to the rise of the debit card over the summer. Debit cards passed the historic milestone over the August Bank Holiday, when the running total of debit card spending (£272 billion) finally overtook the cumulative amount of cash spent (£269 billion) in the economy for the first time ever. Debit cards are growing at break-neck speed. The number of purchases rose 10% this summer compared to last, an additional 1.6 million transactions on debit cards every day between July and ... »