(PRWEB UK) 15 September 2012
The report suggests that 29 per cent of the UK population now withdraw less than 10% of their income in cash and are becoming increasingly reliant upon Direct Debits, card payments, online transactions and standing orders. Furthermore, 8 per cent stated they did not withdraw any cash from their bank account at all.
The transactional amounts that consumers were willing to pay on their card were also questioned. The research showed that people were willing to use their cards to pay for very small amounts, with 18 per cent saying they would use their debit or credit card to pay for an item worth £1.01-£2. However, the majority of people (37 per cent) stated that they would only pay on card when the transactional value was over £4. In terms of how much cash people carry in their wallet, only 5 per cent carry more than £50 and 30 per cent carry less than £10.
A spokesperson from SmartDebit commented on the recent findings, “A combination of convenience and the ability to easily track personal finances, is contributing to the decline in the use of cash. Consumers are becoming more focused upon their bank balances due to the ease with which they can check each and every transaction online, especially through ‘apps’ on their smartphone or tablet. The research suggests that we are heading towards a cashless society, however, it will be interesting to see how long it takes before cash becomes extinct as coins have been used as currency since 600BC!”.
SmartDebit™ are the UK’s leading Direct Debit Bureau, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent’ in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.