One in ten UK adults rarely use cash due to rise of contactless and mobile banking
MILLIONS more Brits have given up on cash, a report has revealed.
One in ten now say they rarely use it for purchases.
Across the population, it would suggest 5.4 milion made just one or no cash payment per month last year.
The figure, fuelled by the rise of contactless cards and paying by phone, is up by two million from the year before, said banking and finance industry association UK Finance.
Chief executive Stephen Jones said: “This rapid rate of technological change is set to continue over the coming decade, as people embrace the ever-widening number of ways to pay and manage their finances.”
In 2008, six in ten payments were made in cash. UK Finance said that last year it was used for fewer than three in ten.
Just one in 25 people say they still rely on cash as their main way to pay. Nonetheless, many of them say they use other methods to pay regular bills.
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The use of cash is expected to decline to just one in ten payments within ten years.
Meanwhile, debit card is the most popular method, used in nearly four in ten transactions.
Despite the trend, concerns have been growing about losses of free-to-use ATMs.
Mr Jones added: “Technology is not for everyone and cash remains a payment method that is valued and preferred by many, so maintaining access to cash will be vital to ensure no customer is left behind.”
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