The latest Card Expenditure Statistics reports released by the UK Cards Association reveal that £124 billion worth of purchases were made by British consumers, using plastic cards, between June and September this year.
In the third quarter of 2012, around 75 per cent of all retail sales in the UK were made using plastic cards, with 50 per cent being made on debit cards. This represents a year-on-year growth rate of around five per cent compared to the same period in 2011.
2012 has proven to be a landmark year in the world of debit card payments, with the first quarter of the year marking the first time that debit cards have become the primary source of card payments.
Card payments have come a long way over the course of the 20th and 21st centuries. Charge cards can be dated back to 1950 when US businessman, Frank McNamara, founded the Diners Club Card after an experience where he found himself without enough cash to pay for his meal.
The first credit card in the UK was launched by Barclays in 1966. The other major UK banks following suit by launching their own joint credit card in the early 70s. It wasn’t until 1987 when Barclays issued the first debit card, the Visa Delta.
Debit cards overtook cash as the preferred method of payment for UK consumers back in January 2011, and since then card payments have continued to go from strength to strength. There were over 147 billion plastic cards in issue in the UK at the end of 2011, equating to 86.3million debit cards and 60.9million credit and charge cards.
With card payments now becoming commonplace amongst UK consumers, it is now more vital than ever to ensure that your business is properly equipped for accepting card payments by installing Chip and PIN terminals at the checkouts in your retail premises.
Payzone supplies the UK’s leading payment processing and card acceptance terminals and services. With a heritage stretching over 25 years, Payzone offers a variety of methods of accepting credit and debit cards, at low cost. Combined with a swift customer application process and unparalleled customer service, it’s a marketing leading proposition.