Payments first as cards edge past cash, UK Finance
Debit cards have for the first time overtaken cash as the most frequently used payment method in the UK, according to UK Finance.
New technology, payment innovation and changing consumer habits contributed to 13.2 billion card payments at the end of 2017 vs cash payments (13.1 billion). Payments with notes and coins were down 15% year-on-year. In total, across both debit and credit cards, the number of contactless payments increased by 97% during 2017 to 5.6 billion. 63% of people in the UK now use contactless and no age group or region falls below 50% usage.
Stephen Jones, Chief Executive, UK Finance, says: “We’re far from becoming a cash-free society and despite the UK transforming to an economy where cash is less important than it once was, it will remain a payment method that continues to be valued and preferred by many. These trends are likely to shift further over the next decade. Developments such as Open Banking are expected to bring extensive changes to the payments landscape, something that will likely shape how we interact with our money in the coming years.”