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Plastic eclipses paper as card payments soar

Research by the UK Cards Association reveals that three quarters of retail spending is now conducted by card, with transaction volumes topping £600bn during 2014. Total retail card payments increased by 12% last year, with use of contactless payments up by 331%. The trend towards increasing card usage was welcomed by the Federation of Small Businesses who said retailers could benefit from efficiency savings as less cash will need to be counted or deposited. Data released by the Payments Council last month revealed that electronic forms of payment now account for 52% of all transactions.
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