Britain passed a major milestone on the way to a cashless society when cash was used for less than half of all payments by consumers in 2015 according to a report in the Guardian.
According to the newspaper, in 2015 cash made up 45.1% of payments compared with just 64% in 2005; this is expected to fall to just a quarter by 2025 and will largely be replaced with payments by contactless cards, which have soared in popularity.
Adrian Buckle, chief economist at Payments UK, said: “This year’s UK Payment Markets report reveals a picture of consumers and businesses more ready than ever to reassess how they make payments and make the most of the convenient, cost-effective and innovative options that are available.”
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