Debit cards used for “convenience”

It is becoming more common for people to pay for “convenience” goods using their debit cards, it has been noted, something that may help them avoid building up credit card debt.

Tim Pie, a spokesperson from HSBC, said that consumers like the “security” of using a debit card, adding that they are becoming a more popular choice when paying for things such as a round of drinks in a pub.

It comes following figures from Apacs – the UK payments association, showing that debit card spending at retailers rose by 6.8 per cent last year.

Mr Pie stated that the products are becoming accepted at “more and more” outlets, while the use of cheques is falling “consistently”.

Credit cards accounted for 23 per cent of online and offline transactions in 2008, the Apacs data showed, while debit cards made up 43 per cent.

And cash was used in 32 per cent of these processes, it added.

By Jamie Price

track

Tell others:

shortlink