Debit cards held by 17 in 20 Brits, financing research reveals

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Debit cards held by 17 in 20 Brits, financing research reveals

Mon, 04 Jun 2007

Approximately 17 in 20 British people now have a debit card in their wallet or handbags, according to a new financing study from Apacs.

In an analysis of the impact of the debit card, the UK payments association has revealed that 84 per cent of the population now own a debit card.

Moreover, it has been pointed out that Britons collectively spent £194.9 billion on their debit cards in approximately 4.5 billion transactions in 2006.

The financing figures have been released to coincide with the 20th anniversary of the debit card concept, which was introduced to the UK in 1987 by banking institution Barclays.

Commenting on the changes to the financing landscape since 1987, Jemma Smith, head of PR at Apacs, remarked: "Although credit cards were used in supermarkets at that time, they only made up six per cent of transactions.

"Today, cards account for 66 per cent of supermarket spending and most of this is on debit cards."

Barclays was also responsible for introducing credit cards into the UK.

Launched in 1966, Barclaycard was inspired by consumer enthusiasm for buying items on credit in the US.