Debit Cards Pass Credit Cards in UK

The latest European Card Review reports that consumers’ expenditures on debit cards exceeded those on credit cards in December for the first time—quite a remarkable growth from its beginning in 1992. The number of debit card transactions exceeded those on credit cards in 1994. It now appears that the volume of expenditures on debit card transactions will exceed those on credit cards in 2000. The leading debit card in the UK is Switch, with a 52 percent market share. Recent growth in volume has been spurred by its acceptance at the Post Office and BT telephones. In addition, the card is replacing checks to pay utility bills. Switch cardholders can pay their Visa and MasterCard accounts via telephone.