“Once credit cards were the only convenient way to pay as alternatives to physical cash and cheques, but now people have far more options. Conscious of the need to repay credit borrowed, consumers are increasingly choosing their debit card over credit card. Contrary to expectation, the possibility of greater financial stress during the recession and beyond has not driven people to rely more heavily on their credit cards.”In other words, the recession and changing attitudes toward credit have reshaped consumers' payment behaviour.
At the same time, UK consumers are writing fewer cheques each year, possibly as a result of their increased reliance on debit cards.
Now that many consumers are diving into the social media economy with purchases via Facebook credits and other e-payment alternatives, and mobile-based payments are starting to become popular, it's clear that credit/debit/cheque usage will change even more dramatically by 2015.
