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Cashless payments overtake cash for the first time

Cashless payments have overtaken notes and coins for the first time in the UK, reflecting the growing trend towards using automated payment methods, credit and debit cards.

The proportion of cash payments made by consumers, businesses and financial organisations in the UK fell by 4% to 48% last year, according to research by the Payments Council.

However, cash remains the most popular payment method by volume, followed by the debit card, which accounted for 24% of all payments last year.

And while businesses favour cashless payments, notes and coins remains the most popular form of payment for consumers, who used it for 52% of their transactions in 2014. The Payments Council expects this figure to drop below 50% next year but said cash was unlikely to disappear.

@Tara_Hounslea

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