Digital Payment Financial Services

The use of cards exceeded payments in 2019

The number of people not using cash or using it just once a month has more than doubled in two years, from 3.4 million in 2017 to 7.4 million in 2019, UK Finance said.

At the same time, 2.1 million consumers mainly used cash, choosing banknotes and coins when doing their day-to-day shopping, although the majority used other payment methods for their regular bills.

Cash payments continued their long-term decline during 2019, but still remained the second most frequently used payment method in the UK. Coins and notes accounted for just under a quarter (23%) of all payments.

The contactless card payment limit was recently increased to £45 per transaction, up from £30.

The UK Finance figures showed supermarkets were the most popular place for contactless spending in 2019.

Some 48 million adults in the UK bought goods and services over the internet in 2019, including nearly four-fifths (79%) of over-65s.

The payments industry has launched various initiatives to help maintain access to cash for those who still rely on it.

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Source: evening express

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