Plastic beats paper, the end of money is nigh

3 December 2010

uk-money.jpgWe thought this might have happened by now, but apparently not - 2010 has become the first year consumers are spending more using debit cards than they are cash.

The balance tipped in plastic's favour after the August bank holiday, and as of October spending on debit cards has pushed ahead by £3 billion - £272 billion on plastic versus £269 billion with cash.

The information, sourced by The Payments Council, also shows that the faithful cheque continues to decline - 104 million fewer were written in the year to October.

Despite this, the Liberal Democrat MP for Bradford East David Ward launched a campaign to save the cheque last month, because clearly there are no other pressing issues concerning the country right now.

Ward believes that the demise of the cheque is merely a "cost saving exercise for the banks" - the risk of banks saving money doesn't necessarily seem to be a persuasive argument right now.

[BBC]

TOPICS:   Banking

7 comments

  • Mike
    If anyone wants to get rid of any of that useless paper money I'll take it off your hands.
  • james d.
    If the damn Severn bridge would start taking cards I could almost do away with cash altogether
  • Wo;;
    While I agree it is a cost saving measure for the banks, I shall certainly be glad to see the end of cheques. In fact I'd like to see the end of cash and use plastic for everything.
  • Jase
    I rarely carry cash for the simple fact that everything is priced so odd. Everything's always .#7 or .#3 or something crap like that. Withdraw a £20 note and by time you've used it for a few minor purchases, you've got 80p in nothing higher than a 5p. And where's it go? Out of your pocket and down the sofa, in the car or all over the f**king floor at the end of the night (aka. the Lee Evans sketch). Even if you're pretty tightfisted it'll just end up in a massive jar at home; to which you have to haul to a supermarket / bank (and look like some sort of heroin addict) to get it changed back into useful tender. The only thing I'd prefer to give as cash is tips...then at least I know it's not getting taxed away or the company / manager isn't shaving 10-15% off to line their own pockets (it happens).
  • Boris
    I still use cash for my drugs purchases. It's accepted from the classiest of dealer's right down to Pete Doherty so you can't go wrong.
  • ngih t.
    While I agree it is a cost saving measure for the banks, I shall certainly be glad to see the end of cheques. In fact I’d like to see the end of cash and use plastic for everythin
  • ngih t.
    IF the damn Severn bridge would start taking cards I could almost do away with cash altogether

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