According to recent reports, the consumers used debit cards 13.2 billion times last year, yielding a 14% raise when compared to 2016. Meanwhile, the number of cash transactions fell by 15% to 13.1 billion transactions.
This trend is said to continue, with the number of cash payments declining over the next decade. By the end of 2027, cash payments are expected to be 6.4 billion in the UK, making it the second most frequently used payment method.
Stephen Jones, chief executive, UK Finance states: “We’re far from becoming a cash-free society and despite the UK transforming to an economy where cash is less important than it once was, it will remain a payment method that continues to be valued and preferred by many.”
“These trends are likely to shift further over the next decade. Developments such as Open Banking are expected to bring extensive changes to the payments landscape, something that will likely shape how we interact with our money in the coming years.”