Visa debit card spending in the UK grew by 45% to a total of £251bn ($402bn) in 2010 as debit continues to replace cash as the nations favourite way to pay.
According to Visas annual results for the year ending 30th September 2010, there was a 10% increase in the average number of point-of-sale (POS) transactions in the UK per debit card last year. The number of Visa cards issued also rose 34% to 81m.
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Debit has replaced cash as the favourite way to pay in the UK and at the same time Visa has become the most popular debit card, said Peter Ayliffe, chief executive of Visa Europe.
Consumers like the speed, convenience and security that Visa debit cards bring and this is driving a revolution in how we shop and make payments. Over £1 in every £4 spent in the UK is now spent on a Visa card and over 80% of that spending is on debit.
There was a 16.3% growth in POS spending on Visa cards across Europe, which meant expenditure exceeded 1trn for the first time. Visa claims 1 in every 8 spent in Europe is done so using a Visa card, more than doubling the ratio from ten years ago.
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