Cash to make up just 6 per cent of payments in 10 years
By Sarah Wood | 18th August 2022
More than 23 million people in the UK used almost no cash last year, according to a banking body.
UK Finance predicts cash will make up just six per cent of payments within a decade, as reported by Retail Gazette.
The news comes despite indications that notes and coins are making a comeback, as people turn to cash to help manage the cost-of-living crisis.
UK Finance said debit cards were the most popular form of payment method during 2021, accounting for nearly half (48 per cent) of transactions.
Cash transactions fell by 1.7 per cent last year, although cash remained the second most commonly used method - at 15 per cent of all payments.
During 2021, 23.1 million people either used no cash, or used it only about once a month, up significantly on 13.7 million in 2020. In 2018, just 5.4 million people used no cash or very little cash.
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