APACS 'Payment Myths' report reveals cash and cheques are here to stay.
Rather surprisingly, for many of us Brits credit cards aren't always the payment option of choice - cash and cheques still play an important role in the way we pay.
The 'Payment Myths' report developed by APACS, the UK payment association, tackles popular misconceptions about the way we pay for goods and services in an attempt to help consumers get a grasp on their financial circumstances by understanding the different payment options available to them.
It reveals that contrary to the popular belief held by both consumers and retail organisations, the British public are still making payments by cheque almost as frequently as by credit card when we spend. This finding almost contradicts the proposed phasing out of the acceptance of cheque payments made by many large retailers last year.
Additionally, the misconception that cash is only used for small payments in favour of credit card spending when we buy larger items was also shown untrue with cash actually still being used more frequently than credit cards for payments over £50.
APACS’s director of communications. Sandra Quinn, said: “Despite growing acceptance and familiarity with the variety of payment methods available to consumers today, common stereotypes remain. While new technology means we can now bank online 24 hours a day or have our groceries delivered with the click of a mouse, traditional methods like cash and cheques continue to endure.”
While the Payment Myths report also addressed misconceptions about the picture of enduring credit card debt held by the masses – finding that 68% of us actually repaying our credit card balance in full each month – it’s main discoveries about our spending habits did dispel any speculation that the UK is on its way to becoming a cashless society.
When used appropriately credit cards can provide an economical way to borrow and a cost efficient way to spread your spending. However, this report shows that we’re not quite ready to give up on making payments via more traditional means just yet.
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