UK note use declines as cashless payments come to the fore for the first time ever
Cashless payments overtook cash payments for the first time ever in the UK last year, according to research from the Payments Council.
Marking a steady decline in the use of currency, the total number of cash payments made by consumers, businesses and financial organisations in the UK fell to 48 per cent last year. The remaining 52 per cent was composed of electronic transactions.
Despite cashless overtaking cash last July, for the whole of 2014 cash remained the most popular method (52 per cent) across the year. Forecasts predict this figure will dip below 50 per cent in 2016 however.
Automated payment methods and debit cards continued to rise in 2014, with debit cards accounting for almost a quarter of all payments in 2014.
The BBC reports that in 2014, 8bn cash payments were made in the UK worth an estimated total of £250bn.