Europe is continuing to be transformed into a cashless society as more and more people rely on debit and credit cards to fund purchases, according to a new study.
In a survey of 3,000 cardholders across the UK, France, Poland, Belgium, Poland and the Netherlands, 39 per cent said they used their debit cards more in 2006 than in the previous year.
Meanwhile, eight per cent said they had reduced their dependency upon plastic, leaving a net increase of 31 per cent.
Another finding of the report was that the number of Maestro-branded cards in use across the continent has risen by 5.7 per cent in the last year.
"Every day, more people recognise the benefits of debit cards and turn their back on cash for day-to-day purchases," remarked Javier Perez, president of MasterCard Europe.
"European consumers agree debit cards are the payment method of choice for purchases between $10 [£6.78] and $199."
In related news, financing website uSwitch.com recently discovered that lending rates on credit cards have increased in recent years.
Average credit card lending rates in March 2007 were 27.06 per cent, it claimed, up from 20.8 per cent in May 2005.
News Side
Europe choosing plastic over cash, financing research indicates
Fri, 23 Mar 2007
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