Payment myths exposed

The UK payments association Apacs has launched a new guide busting the myths about how Brits use cash, cheques and cards.

Myths such as most people not paying off their credit card bills in full at the end of each month and cash being used most for small payments have been uncovered by the organisation.

Sandra Quinn of Apacs explained: "The Payment Myths report offers some interesting insights into payment behaviour amongst British consumers and looks to shed light on some common misconceptions.

"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."

Apacs' Top myths about how we spend our money
Myth: People only use cash for small value items
Fact: Of all payments over £50, we are more likely to use cash than credit cards

Myth: People don’t pay the monthly balance on their credit card
Fact: 68 per cent of people usually or always repay their credit card balance in full

Myth: Over 65s do not use online banking
Fact: The over-65 age group is one of the fastest growing groups in terms of online banking users

Myth: No one uses cheques anymore
Fact: There is almost the same number of payments made by cheques as by credit card