Times are changing. The popular chant ‘Cash is King’ may now be being drowned out by the beep or squeak of a Card Machine, wallets are getting thinner. But not because people have less money…
It has emerged that the majority of transactions now are cashless. Since the first debit cards arrived into the market in the early 1970’s, cash began its descent in popularity. The convenience and security of debit and credit cards make them a popular choice. A BBC report emerged today that cash transactions have become the minority and cashless transactions have risen, the divide stands at 48% to 52%. The figures are staggering, especially considering the relative age of digital money in comparison to coinage. In 1990, debit cards were used in about 300 million transactions and in 2009, prepaid and debit cards were used in 37.6 billion transactions. A trend of growth that will not subside; it is predicted that cash transactions will decrease by a further 30% over the coming decade.
It should be noted however that cash transactions remain the majority in certain sectors. Nightclubs and newsagents are still dominated by cash transactions.
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