Spending habits undergo ‘revolution’
The report said that consumer spending has undergone a “revolution” over the past decade, as it found that spending on debit and credit cards rose from £270 billion in 2005 to £566bn in 2014.
Richard Koch, head of policy at the UK Cards Association, said: “Today we think nothing of paying for a coffee and a sandwich with a contactless payment card or streaming films on a smartphone which is also enabled for mobile payments. This is so different to a decade ago when we carried more cash and shopped in high street stores.”