Trade association UK Finance has produced research which suggests that a large amount of individuals in the UK are choosing to live a ‘largely cashless life’.
Digital technology is ‘transforming the world of payment’ which allows consumers to ‘take advantage’ of a increasing range of payment options, claims UK finance.
Card payments overtook cash in 2018, with debit cards being the most frequent at 40% of all payments. With the familiarisation of contactless cards on the rise, it has become more convenient to simply tap the card machine with your piece of plastic and let the magic happen than to pay by cash and have to handle the change.
Also, more than 66% of adults used online banking in 2018, with 50% also using mobile banking. Around 8.5 million consumers are using mobile payment systems to purchase goods.
Quote from Nigel Holland;
“Almost anything you could ever want to buy can be bought online. This means that many people make the majority of their transactions by card via online stores. Although, the efficiency of online shopping is appealing. There are many downsides to solely making purchases this way, for example some people may find it harder to control their spending as they don’t physically see the cash leaving their pocket.”