Posted by AdviserDirect on 06/10/2019

The decline of cash in the UK

The decline of cash in the UK

Cash use is falling, with predictions that fewer than one in 10 transactions will be completed with notes and coins in 10 years' time.

Ten years ago, cash was used in six out of 10 payments, but it has been overtaken in popularity by debit cards, driven by the use of contactless technology.

A review of payments, published by banking trade body UK Finance on Thursday, said cash was here to stay, but would play a less important role in the future.

The most recent figures show cash payments are still common, but declining - down 16% from 2017 to 2018, while debit card use is rising.

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