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| Cautious consumers make debit cards the payment method of choice | Cautious consumers make debit cards the payment method of choice |
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| Spending on debit cards grew in 2012, fuelled by a leap in overseas transactions and an increase in smaller payments made by plastic, according to figures published by the UK Cards Association. | Spending on debit cards grew in 2012, fuelled by a leap in overseas transactions and an increase in smaller payments made by plastic, according to figures published by the UK Cards Association. |
| The card issuers' trade body said consumers had used their debit cards for 10.8bn transactions over the year, an increase of 6.1% on 2011. However, the value of that spending was up by just 2.7% to £541bn, meaning the average value for each transaction fell from £45.66 to £44.01. Some of the reduction could have been down to the further roll-out of contactless payments, which allow sums of up to £20 to be paid by touching the card on a terminal. | The card issuers' trade body said consumers had used their debit cards for 10.8bn transactions over the year, an increase of 6.1% on 2011. However, the value of that spending was up by just 2.7% to £541bn, meaning the average value for each transaction fell from £45.66 to £44.01. Some of the reduction could have been down to the further roll-out of contactless payments, which allow sums of up to £20 to be paid by touching the card on a terminal. |
| Credit and debit card spending is set to almost double over the next decade, the UK plastic cards 2013 report predicts. Most of the growth will come from debit cards, which were first introduced 26 years ago. | Credit and debit card spending is set to almost double over the next decade, the UK plastic cards 2013 report predicts. Most of the growth will come from debit cards, which were first introduced 26 years ago. |
| In 2012, nine out of 10 UK adults carried a debit card in their wallet or purse, equating to almost 47 million debit card holders across the country. The number grew by around a million compared with 2011, which is in line with growth seen over the past decade. | In 2012, nine out of 10 UK adults carried a debit card in their wallet or purse, equating to almost 47 million debit card holders across the country. The number grew by around a million compared with 2011, which is in line with growth seen over the past decade. |
| Innovations in technology which make card use more convenient will drive the upswing, the report said, helped by younger people who have grown up with cards and are already in a strong habit of using them, the report said. This includes the expansion of contactless payment technology for low-value items where people have traditionally used cash. | Innovations in technology which make card use more convenient will drive the upswing, the report said, helped by younger people who have grown up with cards and are already in a strong habit of using them, the report said. This includes the expansion of contactless payment technology for low-value items where people have traditionally used cash. |
| The number of contactless debit and credit cards grew by 38% in 2012 to an estimated 31m, and major chains such as Superdrug, WH Smith, Marks & Spencer, Greggs and the Post Office now accept them. | The number of contactless debit and credit cards grew by 38% in 2012 to an estimated 31m, and major chains such as Superdrug, WH Smith, Marks & Spencer, Greggs and the Post Office now accept them. |
| The growth in online shopping is also boosting card use, with total online card spending increasing by £5bn in 2012, the report said. | The growth in online shopping is also boosting card use, with total online card spending increasing by £5bn in 2012, the report said. |
| Online debit card spending has now overtaken online credit card spending, with the former totalling £35bn in 2012 compared with £34bn on the latter. | Online debit card spending has now overtaken online credit card spending, with the former totalling £35bn in 2012 compared with £34bn on the latter. |
| After growing steadily through to 2005 as the market expanded, the number of people with a credit card in the UK has stabilised at around 30 million. | After growing steadily through to 2005 as the market expanded, the number of people with a credit card in the UK has stabilised at around 30 million. |
| The profile of credit card holders is ageing more rapidly than the population as a whole, "reflecting the greater risk aversion and stronger preference for debit cards with the younger generation", the report said. In 2012, 41% of credit card holders were aged 55 and over compared with 39% in 2007 and 34% in 2002. | The profile of credit card holders is ageing more rapidly than the population as a whole, "reflecting the greater risk aversion and stronger preference for debit cards with the younger generation", the report said. In 2012, 41% of credit card holders were aged 55 and over compared with 39% in 2007 and 34% in 2002. |
| Credit card borrowing has been "subdued" in recent years due to caution among consumers, but the report predicts that the appetite among people to put high-value items on their credit cards is set to increase as the economy and household budgets improve. | Credit card borrowing has been "subdued" in recent years due to caution among consumers, but the report predicts that the appetite among people to put high-value items on their credit cards is set to increase as the economy and household budgets improve. |
| Top credit cards | Top credit cards |
| BARCLAYCARD | BARCLAYCARD |
| BARCLAYCARD | BARCLAYCARD |
| HALIFAX | |
| Powered by MoneySupermarket for the Guardian | Powered by MoneySupermarket for the Guardian |