End of tenner is on the cards
PLASTIC could spell the death of £5 and £10 notes as more shoppers turn to cards for smaller payments.
Britons are using credit and debit cards when once they would have used coins or a small note.
Card transactions have soared by 40 per cent from 7.4billion in 2008 to 10.2billion this year, says a study by Debenhams Personal Finance.
The value of the average transaction has dropped as people use plastic to buy coffees, sandwiches and sweets.
Mike Hazell of Debenhams Personal Finance said: “For an increasing number of people, particularly the younger generation who have grown up with cards, plastic is the method of choice – even for relatively small purchases.”
The main reason given was not wanting to carry cash.
One in three under-35s uses plastic for purchases under £10 at least once a week while 19 per cent use it for items costing £5 or under.