What’s Better? Cash Or Contactless Payments?

contactless cardProjected figures from payments industry trade body ‘Payments UK’ have shown that by as soon as next year, more payments will be made using debit cards than using cash.

Driven By The Popularity of Contactless Payments

The convenience and effectiveness of contactless payments are the drivers behind a trend that will see cash payments taking a backseat to debit card payments years earlier than expected.

Payments UK figures show that UK contactless payments in 2016 nearly trebled in 2016 compared to 2015 (to £2.9 billion), and they accounted for 7% the total number of payments.

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Your Money… But Not As You Know It?

credit, debit card, paymentMoney, money, plastic? As predicted, debit and credit card, and other cashless payment systems now make up most financial transactions, but could this mean a change in the understanding of the value of money in the young generation?

In 2015 Cards Overtook Cash.

Back in May 2015, the number of cash transactions dipped below cashless transactions for businesses, consumers and financial organisations. At that time cash made up only 48% of financial transactions, beaten by cheques (to an ever decreasing extent), credit cards, debit cards, contactless cards, direct debits, and standing orders. This led experts to predict a continued downward trend for cash, perhaps reaching £13 billion in value by 2023 compared to cashless transactions of £27 billion+.

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