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.

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

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

© 2022 Kounnis And Partners (incorporating Goldin & Co. AND Michael Barrs & Company). All rights reserved.

Kounnis And Partners is a trading name of Kounnis And Partners Ltd. Registered office: Kounnis And Partners (incorporating Goldin & Co. AND Michael Barrs & Company), Sterling House, Fulbourne Road, Walthamstow, London E17 4EE Registered in England and Wales No. 4205389 Registered to carry on audit work by the Association of Chartered Certified Accountants. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.

We use cookies on this website, you can find more information about cookies here.