|
 |
|
|
|
|
|
|
Monday July 19, 04:39
|
|
Plastic Card Use To Overtake Cash In UK In 2004
|
|
Plastic card will overtake cash as UK consumers’ preferred way to pay during 2004, according to a new survey from APACS, The Way We Pay, with debit cards accounting for over two-thirds of card payments. In 2004, total plastic card spending is expected to exceed Stg 269 billion, versus an expected Stg 268 billion for cash payments, and over 246 plastic card transactions are now made every second in the UK. During 2003, conversely, the number of payment cards in use rose by 13 million (9 per cent) to 160.6 million, a figure largely driven by the popularity of debit cards, and Stg 243.9 billion was spent on plastic.
By 2005, APACS expects personal plastic card usage to overtake cash payments, even if cash remains king for everyday small-value payments in the immediate future. Credit cards facilitated 69 per cent of the 200 million online transactions recorded in 2003, when more than 18 million online shoppers drove a 50 per cent increase in online sales. Although the UK is a first-mover in terms of using EMV chip-and-PIN technology to fight credit card fraud, most Britons believe their chances of being affected by card fraud are greater in the UK than abroad, according to a separate survey by credit card security firm, CPP.
Of 2,000 UK-based vacation-goers asked where they thought they were most likely to become a victim of credit card fraud, 16 per cent cited the UK, with 44 per cent believing their purse or wallet was more likely to be stolen in Europe than elsewhere in the world. France, Spain and the US were the countries where most fraud on UK-issued cards occurred, but EMV systems will help to reduce the problem in France and Spain from next year. With regard to card fraud in UK, 2003 was a watershed year when fraud rates dropped by 5 per cent, to Stg 402 million as the protection afforded by chip-based cards began to kick in.
|
|
All billing news
|
|
|
|
|
|
|
|
|
|
 KEYWORD SEARCH |
|
|
|
|
|
SUBSCRIPTION |
|
|
|
|
|