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Notes and coins will be overtaken by cashless payments within weeks

The Payments Council has predicted that 400m fewer cash transactions will be made this year than in 2014 while the number of cashless payments will rise by 700m. This would bring the number of cash payments down to 19bn by the end of the year and the number of cashless payments up to 19.9bn. Assuming that cash payments fall and cashless payments rise at a constant rate, cashless payments will overtake cash payments on March 8. The council predicts that people will spend £251bn in cash in 2023, compared to £9.3tn in cashless transactions, a figure that does not include digital Chaps payments.

 

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