Brits take pick 'n' mix approach to payments, UK Finance
UK consumers are increasingly taking advantage of the wide range of payment choices available to them, with good old fashioned cash remaining popular, according to research from UK Finance.
Its latest UK Payment Markets report found that 48% of Brits used mobile banking in 2018, up from 41% the previous year. The number of bank payments made via online or mobile banking in 2018 hit two billion, up from 1.6 billion in 2017. By the end of 2018, an estimated 8.5 million people were registered to buy goods and services with mobile services such as Google Pay, Apple Pay and Samsung Pay.
Having overtaken cash in 2017, debit cards remained the most frequently used payment method in 2018, accounting for nearly 40% of all payments. This has been in part driven by the growing popularity of contactless, which notched up 7.4 billion payments in 2018, an increase of 31% on the previous year.
Cash remains the second most popular method in the UK. It accounted for 28% of payments in 2018 and is forecast to still be used for one in ten in a decade’s time. “The same pick ‘n’ mix approach people now take when it comes to music, television or the news is expanding into payments, as consumers take advantage of new technologies to pay in a way that suits them,” says Stephen Jones, Chief Executive at UK Finance.
“This rapid rate of technological change is set to continue over the coming decade, as people embrace the ever-widening number of ways to pay and manage their finances, depending on their needs and lifestyle. However, technology is not for everyone and cash remains a payment method that is valued and preferred by many, so maintaining access to cash will be vital to ensure no customer is left behind.”