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Research by UK Finance suggests that despite debit card payments overtaking cash payments, cash still remains the second most frequently used payment method in the UK. The research shows that while the steady rise of card and mobile payments in the UK mean that cash use is falling every year, cash still accounted for 28% of payments in 2018.
This figure is a 16% drop from the 44% figure of 2017, and seems to be a result of older generations showing progressively more acceptance of new payment technologies. For example, 61% of over-65s made contactless payments in 2018 – a 10% increase on 2017. In addition, cash use is continuously being challenged by the popularity of mobile payments – by the end of 2018 an estimated 8.5 million people in the UK were registered to use mobile banking services on their phones.
Read more here.