- Cash transactions in the UK plummeted to 9 per cent of all payments in 2024, a significant decline from 48 per cent a decade prior, according to a new report from UK Finance.
- Mobile contactless payments are now regularly used by half of all UK adults, with 57 per cent registered for mobile wallets, indicating a growing reliance on digital devices for purchases.
- Nearly a third (30 per cent) of UK adults are living 'largely cashless lives', and mobile banking has become the most common way for 75 per cent of adults to access their accounts, surpassing desktop banking.
- While younger demographics are leading the digital shift, the adoption of mobile payments and services like Buy Now Pay Later is also increasing among older age groups.
- Experts highlight the continued importance of cash access for vulnerable individuals and for resilience against digital system failures, with cash projected to still account for 4 per cent of payments by 2034.
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