Worldpay from FIS report flags Covid-19 fuelled cashless payments boom
By 2024, cash will account for just 7% of in-store purchases in the UK, down from 27% in 2019, according to a new report by Worldpay from FIS.
This found that cash usage for in-store purchases in the country declined to 13% of total purchases last year, fuelled by the Covid-19 pandemic.
Pete Wickes, General Manager, EMEA, Worldpay from FIS, says: “This research shows the speed and scale of the transformation in consumer behaviour in just 12 months.”
“The decline in the use of cash in the UK has accelerated, and while this opens up new opportunities for businesses to optimise and drive efficiencies, we need to be mindful that important parts of the economy continue to rely on cash, such as charity donations and restaurant tip jars, while there are many in society who remain underbanked.”
He adds: “FinTechs and regulators need to collaborate to build new frameworks that allow for this shift and use technology to boost financial inclusion especially for those underserved communities.”
The report predicts that many other European countries, including Denmark, Norway and Sweden, will be almost cashless by 2024.
The growth of non-cash payment methods will be primarily split between cards and mobile payments, with the latter expected to comprise a third of the PoS market in 2024.
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