moneysupermarket.com: 20th anniversary of debit cards

Commenting on the 20th anniversary of debit cards, Robert Kenley, head of credit cards at moneysupermarket.com, said: “Debit cards have come a long way since inception and with the advent of contactless payments, the debit card looks set to deal a blow to cash as it did to cheques 20 years ago.

“Contactless payment is the next exciting wave of payment innovation and is likely to sound the death knell on cash transactions. The technology will be married up with chip and pin, and applied to debit, credit and pre-pay cards, offering a more convenient payment method and speedier transactions, leaving notes and coins redundant and the Royal Mint out of action.

“That said, card providers could still throw a spanner in the works as they are yet to announce the contactless payment fees for retailers. Should the charges be high, retailers may be reluctant to accept contactless payments and encourage customers to stay faithful to cash.”