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UK Card Transactions Increase
The total number of UK card transactions in August 2014 surpassed 1 billion, marking a major milestone in the payments industry. The numbers, collected by the UK Cards Association, show that more consumers are paying with cards rather than cash. This new trend indicates that movement towards a cashless society is becoming more apparent in the UK.
One Billion UK Card TransactionsThroughout the month of August, the 1.006 billion card transactions that took place brought a rise of 9.2 percent compared to the same month in 2013. PaymentEye reports that there are now more than 375 UK card transactions made every second, an astonishing number to think about. When broken down, the data also reveals that 774 million of those transactions were made with debit cards, and the remaining 232 million made with credit cards. This shows that UK consumers are largely choosing to make everyday purchases with their debit cards than with pockets full of coins.
What This Means for the FutureWhile the world may still be a long way away from an entirely cashless society, the numbers don't lie. The modern-day consumer is choosing to spend their money through debit cards and credit cards, and not cash. This can be due to emerging technology like contactless payment solutions that make it even easier for UK consumers to use payment methods other than cash. With more secure debit and credit cards and an increasing presence of new payment technology, the concept of a cashless society doesn't seem so far-fetched anymore. The good news for merchants is, the easier it becomes for consumers to make purchases, the more they will. E-Commerce markets around the world are becoming larger, and merchants are starting to see the rewards.
About ECS WorldECS World is a global merchant services provider. For more than a decade, we've been helping e-commerce businesses find reliable credit card processing services for their websites. We also seek to inform merchants and consumers alike about the latest news and trends from the e-commerce world. To learn more about our merchant accounts and other credit card processing services, simply contact a live representative online today using the live chat feature. You can also call 1-800-318-2713 to speak with us over the phone.
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ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!