Cashless payments have overtaken the use of notes and coins for the first time, according to the UK Payments Council.
It is reported that the use of cash by consumers, businesses and financial organisations fell to 48% of payments last year. The remaining 52% was made up of electronic transactions, ranging from high-value transfers to debit card payments, as well as cheques. Further details are available here.
What this means for you?
Those in the non-cash payments sector will be encouraged by the dominance of cashless payment methods, particularly given that cash volumes are expected to fall significantly over the next 10 years.