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Debit cards are set to become the most popular form of payment by the end of the year as they save consumers from clocking up debt, according to a new report.
Consumers have increasingly turned to debit cards as their preferred payment method, shunning credit cards whenever possible due to hefty surcharges and reluctance to go further into debt.
The report by banking research firm East and Partners has found almost 29 cent of all merchant sales were paid with a debit card in the six months to June, up from about 24 per cent.
