Debit cards are now used in 56% of all transactions in the UK according to British bank Halifax, a subsidiary of Lloyds Banking Group.
For every £100 ($168.65) customers spend, over a quarter (£28.87) goes on debit cards, with a further quarter (£27.72) accounted for by automated payments, with direct debits alone taking £19.90.
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However, cash usage continues to decline, representing just 17% of activity and £17.99 of every £100 spent.
Conversely in the US several Federal Reserve Banks released the figures of a survey conducted in October 2012 and showing that cash is used more frequently than any other payment method, including debit and credit cards.
The US Fed commented these results: "While debit and credit cards are growing strongly, and cash’s share of total consumer transactions may well be declining, the 2012 results suggest that cash still plays a very significant role in the consumer payments landscape."
The survey revealed that, in the US, cash represented 40% of all transaction activity of the average American consumer, followed by debit cards at 25% and credit cards at 17%.
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By GlobalData"Cash plays a dominant role for small-value transactions, is the leading payment instrument for many types of purchases, and stands as the key alternative when other options are not available," noted the report.
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