Cash is still king but cards and mobiles set to seize throne
Research by Payments UK has found that tap-and-go cards and mobile payments are killing off cash, although money is still the most popular method of payment.
Cash accounted for 45% of all payments last year, but this is expected to fall to 25% within five years. By 2021 it is predicted that there will be 14.5bn debit card payments compared with 13bn cash payments.
Payments UK's report said that card use has been boosted by the increasing popularity of contactless payments, while the rising use of mobile payment services were negating the need for carrying plastic.
The average UK adult made 20 card payments a month last year, with about two payments a month being contactless.
Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.
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