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Cash payments on the decline in the UK

May 21, 2015

Figures published today show that the total number of cash payments made in the UK fell to 48% in 2014 (Payments Council). This is the first time that non-cash payment methods, including credit and debit card, cheque and automated payments, have exceeded those made by cash.

These figures support a growing trend which shows spending on payment cards increasing year on year, with 2014 seeing a record value of £573 billion being spent on cards (The UK Cards Association).

There are many factors contributing to the decline in cash payments including the increased awareness and usage of contactless payments, the massive growth in the use of debit cards and the uptake of new electronic payment methods.

For more information on how your business can accept card payments please click here or call us on 0345 601 4486.