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Financial Transactions

Volume 503: debated on Thursday 14 January 2010

To ask the Chancellor of the Exchequer how many and what proportion of financial transactions made in the UK were made by (a) debit card, (b) credit card, (c) online transactions other than bank transfer, (d) bank transfer, (e) cash payment, (f) cheque and (g) another form of payment in each of the last five years; and if he will make a statement. (310480)

The number of financial transactions made through different forms of payments is provided in the following table using data provided by the Payments Council. Data for 2009 are not yet available.

Number of payments

(millions)

2004

2005

2006

2007

2008

Debit card

3,690

4,084

4,512

4,939

5,384

Credit card

1,949

1,924

1,929

1,954

1,986

Online transactions

45.0

74.2

115.3

158.5

173.1

Bank transfer

4,819

5,364

5,605

5,804

6,011

Cash

24,667

23,968

23,069

22,408

22,569

Cheque

2,088

1,931

1,778

1,600

1,403

Other

277

276

271

305

303

Total

37,535

37,621

37,281

37,170

37,830

The following table, using the data provided by the Payments Council, shows the proportion of financial transactions made by the various forms of payment.

Percentage of payments made by:

2004

2005

2006

2007

2008

Debit card

9 8

10.9

12.1

13.3

14.2

Credit card

5.2

5.1

5.2

5.3

5.2

Online transactions

0.1

0.2

0.3

0.4

0.5

Bank transfer

12.8

14.3

15.0

15.6

15.9

Cash

65.7

63.7

61.9

60.3

59.7

Cheque

5.6

5.1

4.8

4.3

3.7

Other

0.7

0.7

0.7

0.8

0.8

Notes:

1. Percentages are expressed in terms of the number of transactions made.

2. Bank transfers include Direct Debits, Bacs Direct Credits, Standing Orders, CHAPS and one-off payments made through the Faster Payments Service.

3. Online transactions include PayPal and other internet payment methods. Bank transfers and online payments made by credit card and debit card are excluded.