In spite of the banking industry's attempts to promote debit and credit cards as part of a cashless society, two-thirds of all transactions still involve notes and coins, according to the latest banking industry figures.
Data from UK payments association Apacs reveals that 63 per cent of all payments are made by cash - and the figure rises to approximately 80 per cent in the travel and entertainments sector.
Meanwhile, cash proves to be even more popular when it comes to low-value transactions.
Some 96 per cent of all payments involving fees of less than £5 were conducted via cash, with spenders apparently holding their debit and credit cards back for larger purchases.
"We have been using notes in Britain for over 300 years and we expect that we will continue to do so in significant amounts for a long time to come," remarked Sandra Quinn, director of communications at Apacs.
This week, the Bank of England introduced a new anti-fraud £20 note into the financial services sector, which features the image of Scottish economist Adam Smith.
A revamped watermark, more raised-print areas and a holographic strip are among the new security features included on the banknote.
News Side
Cash still preferred over credit cards in banking transactions, data reveals
Wed, 14 Mar 2007
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