It's official. Britain has become a "cashless society." For the first time ever spending on credit and debit cards has overtaken the use of notes and coins. According to the Association for Payment Clearing Services, the transition from paper to plastic occurred at 10:38 AM on December 29, 2004.
Experts believe the shift towards using plastic has been driven by the convenience and security of card transactions. Currently, there are over 130 million plastic cards in use in Britain - with debit cards accounting for 65% of card spending. Read more at Scotsman.com(1).