Money, 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+.