According to the latest report from UK Finance the use of debit cards in the UK has overtaken cash for the first time ever, a year earlier than experts predicted.
In 2017 there were 13.2 billion debit card payments (an increase of 14%) and 13.1 billion cash payments (a decrease of 15%), and unsurprisingly the use of contactless has doubled to 5.6 billion payments – with almost two-thirds of people in the UK now regularly using this form of payment.
The growth in contactless really highlights how the priorities of the UK consumer are changing, they don’t just want the choice of paying by card, they also want it to be faster and more convenient than before.
It’s also thought that other factors such as the growing popularity of mobile payments, the growth in online shopping, and the recent removal of credit/debit card fees are all contributing to the decline in cash usage.
UK Finance are forecasting that the use of contactless will continue to rise over the next decade, from 15% of all payments in 2017 to 36% by 2027 – driving many businesses to re-evaluate the setup of their current payment systems.
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