Monday, 14 August 2017

Uneasy sits the crown as cash use continues decline

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Consumers and businesses made 15.4 billion cash payments in 2016 - down from 17.2 billion in 2015, according to figures released by UK Finance. However despite the decline, cash was still used 25% more often than the second most frequently-used method; debit cards (11.6 billion).

During 2016, cash represented almost half (44%) of all payments made by consumers - the second year in a row where consumers used cash for fewer than 50% of all payments. During the same period, cash payments reached £240 billion, accounting for 15% of the total value of consumer spending, a decline of five percent compared to the previous year.

More than one in four (26%) consumer cash payments were for a value of £1 or less, and more than three in five (61%) were for a value of £5 or less.

From Uneasy sits the crown as cash use continues decline

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