Debit card payments have become increasingly prevalent in recent years and they offer an incredibly convenient way to pay for goods and services. Compared to cash spending, paying with a debit card is much more secure as you are not required to carry a large amount of cash around. Shopping with a debit card is also easier as you no longer need to continually check how much cash you have left every time you make a purchase. Debit cards can be used for both online and physical purchases, as well as contactless payments – making them almost indispensable if you need to buy something in a hurry.
Halifax released data regarding their customers’ selection of payment options and relative movement between various choices. Completely unsurprising is the switch from cash to other forms such as debit card.
Nick Young, head of Halifax current accounts, said:
“The trend away from cash is likely to go on as banks innovate and provide customers with more convenient ways to pay for their goods and we continue to see the rise of new, non-traditional entrants into the payments market.”
“Consumers now have much more choice regarding payment methods and have adjusted their spending habits accordingly.”
What is interesting is despite its decrease, cash remains in the top three of preferred options, among a growing list of payment methods and available form factors.
Cash is still a universally accepted payment method around the world. Despite the growing popularity of digital payment solutions and other payment methods, consumers still rely heavily on cash for their daily needs and enjoy the convenience, security and control it offers.
Overview by Sara Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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