Cashless society draws closer with only one in six payments now in cash

UK Finance study records a 35% drop in cash transactions in 2020 as Covid crisis turbo-charges change in spending habits

The UK has moved a big step closer to becoming a cashless society after official data showed that the number of payments made using notes and coins fell by 35% in 2020. Cash was only used for one in six payments, compared with a decade ago when it accounted for more than half of the total.

Changes in spending habits have been dramatically accelerated by the coronavirus pandemic, and 13.7 million people lived a largely cashless life last year – almost double the 7.4 million figure in 2019.

Continue reading...

from The Guardian https://ift.tt/3wAaaeQ