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Cash payments fall 15 percent as half of all UK transactions done on card

Just 23 percent of all purchases made in the UK last year involved cash, according to a new report published by Yahoo Finance

Cash payments have declined by 15 percent in 2019, compared to card payments which accounted for 51 percent of all transactions last year, the first time card has made up more than half of all payments.

The figures highlight the continued decline of cash and rise of card payments.

The number of people who don’t use cash or use it just once a month has more than doubled from 3.4 million in 2017 to 7.4 million last year.

The trend is likely to accelerate in 2020 due to warnings from authorities that cash could transmit COVID-19. Card providers have also increased contactless payment limits in response to the pandemic as a safety precaution.

The shift to a cashless society means elderly people, the poor, and rural communities are at risk of being ‘left behind’ as the UK becomes increasingly cashless.

Rural communities risk being left behind of an increasingly digital world that only works for those with broadband and mobile connectivity.

Full article:

Yahoo Finance - Cash payments fall 15% as half of all UK transactions done on card

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