APACS report dispels payment misconceptions

03 January 2008 / by None
UK payments association APACS has published a report attempting to highlight commonly believed fallacies regarding payments. Entitled 'Payment Myths', the report reveals some surprising facts about UK consumers' payment habits.

"The Payment Myths report offers some interesting insights into payment behaviour amongst British consumers and looks to shed light on some common misconceptions," said director of communications, Sandra Quinn.

While many people believe that cash is only used for low value purchases, the company reveals that cash is actually more likely to be used than credit cards for payments of more than £50 in value. Furthermore, while many people perceive cheques to be obsolete, APACS finds that, in reality, cheque payments are almost as widely used as credit card payments.

Ms Quinn said: "Despite growing acceptance and familiarity with the variety of payment methods available to consumers today, common stereotypes remain. While new technology means we can now bank online 24 hours a day or have our groceries delivered with the click of a mouse, traditional methods like cash and cheques continue to endure."

The payments group shows that, contrary to popular opinion, 68 per cent of people usually or always repay their credit card balance in full. Moreover, while many believe that over 65s do not use online banking, APACS reveals that this is in fact one of the fastest growing age brackets for internet banking.

The objective of the research is to make people aware of the payment options available to them and suggests ways of coping financially regardless of their chosen payment methods.

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