Debit cards have overtaken cash as the preferred method of payment in the UK for the first time according to new figures.
UK consumers made 13.2 billion cebit card payments in 2017, compared to 13.1 billion cash payments, UK Finance reports. Two-thirds of UK shoppers now use contactless payments to buy goods.
The figures from UK Finance show that contactless, along with the rise online shopping and smartphones, has had a transformative affect on the way consumers pay for items.
The increasing acceptance of card payments by smaller businesses has also helped boost debit card use.
Stephen Jones, chief executive of UK Finance said: “The choice of payment options available in the UK is allowing people to choose to pay the way that best suits them.
”But we’re far from becoming a cash-free society and despite the UK transforming to an economy where cash is less important than it once was, it will remain a payment method that continues to be valued and preferred by many.
“These trends are likely to shift further over the next decade. Developments such as open banking are expected to bring extensive changes to the payments landscape, something that will likely shape how we interact with our money in the coming years.”