Did you know that now we use credit cards more than ever before? We now all make 80% of our purchases my tapping and swiping that precious piece of plastic in comparison to a small 20% of payments made with cash.
So why has this piece of plastic become so honourable?
The ease of purchase with using a credit card is one of the main reasons for growth in this area. Most people will get paid directly from their employer onto this card and you can then move, send and separate money all on the app for your banking.
It is also a great way to track your money, no one will be tracking their pennies and pound coins because they simply don’t have time. This goes the same for all of the receipts, you lose and misplace them continuously, so seeing your spending on your app makes the whole thing a lot easier.
What does this mean for companies?
Unfortunately, the growing use of credit cards means that many companies are having to pay a considerable amount of money to third-party firms to ensure they can accept card payments. This adds up to a whopping £1.3 billion.
We want to know what you use more, your card or cash? Let us know on our poll here.
Want to find out more? Read the BBC News article here.