Report finds decline in the use of cash is easing

    Simpson Wood
    5th September 2022
    Home » Categories » Business » Report finds decline in the use of cash is easing

    Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased.

    A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the UK.

    In 2021 there were 23.1 million consumers who used cash as a form of payment just once a month or not at all. At the same time, there were 1.1 million consumers who mainly used cash when doing their day-to-day shopping.

    Debit cards proved to be the most popular form of payment method, making up 48% of all payments.

    Adrian Buckle, Head of Research at UK Finance, said:

    ‘In 2021 we saw the total number of payments return to pre-pandemic levels and a return towards the long-run trends in payment method usage.

    ‘Contactless continued to be popular, accounting for almost a third of all payments. Cash usage fell slightly, although remained the second most commonly used payment method.’

    Internet link: UK Finance website

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