T24 Prepaid

UK Card Transactions Hit Record 1 Billion per Month

Consumers in the UK are spending more of their cards than ever before, with over 1 billion transactions in February, according to figures released by the UK Cards Association.

A total of £49.6 billion was spent on cards in February, with spending on debit cards continuing to outstrip credit cards, increasing 7.7% on the same time last year to £35.2 billion, whilst credit card spending grew 5.6% to £14.4 billion.

Figures for UK card spending online were also published for the first time last month and accounting for 24.4% of all card spend and 11.3% of all card-based transactions.

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As paying with plastic continues to become more popular through the UK the number of cash transactions have fallen dramatically, so much so that one survey has suggest that at least 11% of us no longer use cash at all.

This news comes from a new study conducted for alternative bank account provider thinkmoney, which showed that over one in 10 respondents typically carried no cash, nearly twice as many as was found in a similar study from last year.

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EU Payment Rules, EU Payment Laws, EU Payment Council

The time has passed for European law makers to adopt the newly updated Payment Services Directive, as was announced by Jaume Duch Guillot, one of the Parliament’s chief spokespersons, in a public debate on directive that took place in Brussels last Wednesday.

Mr Guillot said that the directive, along with the related interchange fee regulation, is currently being discussed within the Parliament’s economic and monetary affairs committee, with discussions scheduled to conclude within the next Parliament.

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Cashless Britain, Cashless Society

Research by five of the UK’s leading banks has found that 18% of Brits would prefer to go completely cashless, opting for other forms of paperless payment including the more traditional card payments and more modern mobile-based solutions.

The study, conducted by consumer analyst firm Mintel, found that over a third (38%) were interested in mobile payments and that 8% said they were ready to sign up to and make the switch to such payment solutions immediately.

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Spending on debit cards has fallen against that on credit cards for the first time in over 20 years, according to payments industry newsletter the Nilson Report.

In the US market for 2012 credit cards accounted for 52.82%, rising from 52.63% the year before, with debit card use falling from 47.27% to 47.18% over the same period. Meanwhile, prepaid card use continued to steadily increase.

This fall is the first in a two-decade long expansion of market share for debit cards,

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1 in 10 Brits Take Wrong Currency with Them on Holiday

A new survey has revealed that 1 in 10 of us have made the mistake of taking the wrong currency away with us on holiday, prompting advice for travelers to double check before ordering any foreign currency, or opt for alternative means of taking cash abroad, such as prepaid cards.

The most commonly made mistake by travelers was assuming that EU member states all used the Euro, being unaware that only 17 of the 28 countries that form the EU were using the single currency.

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