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
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