Iona Bain
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| Gender | Female |
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| Books | Spare Change: How to save more, budget and be happy with your finances |
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Iona Bain Life story
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Half of all debit card transactions are now contactless
... Iona Bain, the founder of Young Money Blog, said: The jury is out on what this means in the long term for the consumer...
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... Financial commentator Iona Bain, who was among the first people to draw attention to the advert and who was among the complainants to the ASA, said she was glad that the matter was being taken seriously...
Half of all debit card transactions are now contactless
contactless payments have become so popular among UK consumers, they accounted for half of all debit card transactions In July .
It is the First Time reached 50% level, after
Contact allows consumers to pay by their card or smartphone near the merchant's machine, without the need to enter a PIN.
It has been used 647 million debit cards during the month, the data shows.
The technology was adopted relatively slowly by the consumer in his early years, but the widespread use of Public Transport has a significant boost.
The use of contactless - and that includes cards loaded on smartphones exceeds that of the debit card payments with a PIN, as well as online transactions.
fears about the potential damage for those without a Bank account, and so without a card, if The Move to such technology comes at the expense of cash.
Iona Bain , the founder of Young Money Blog, said: "The Jury is out on what this means in the long term for the consumer.
"We need to think about the unbanked customers in the UK. They are very reliant on cash. The increase in contactless payment technology risk leaving the rural and poorer municipalities. "
High credit card interest rates, and a safety-first approach of consumers, mean that the growth of outstanding credit cards has slowed down in debt in the last few months.
the Uk Finance figures show that the annual growth rate was 3. 67% In July .
That was down from a recent high of 8. 3% in February last year.
commentators have suggested that The Bank of England base rates could be reduced in the near future, but such a change does not feed through to better deals for the borrower.
uk banking, credit cards, personal finance, money
Source of news: bbc.com
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