Card payments overtake cash for the first time in the UK
This is according to UK Finance, which released the findings its 2018 Payment Markets report
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Cards have overtaken cash as Britain’s most frequently used method of payment, thanks to the rise in contactless cards.
Steve Newton, executive vice president, UK and Europe of Worldpay, said the UK has passed “a major milestone on its journey to a more digital future”, adding that “the popularity of contactless has been a major factor driving this growth, making cards the quick and convenient choice for many UK shoppers”.
Newton said: “Tap-and-go technology has paved the way for a mobile payments revolution. Already more than half of UK shoppers say they’d happily leave their wallet at home and pay for everything on their smartphone instead. This number will only increase in the future, as consumers become more comfortable paying for goods on their smartphone.
“Granted, there’s still some way to go before we start cutting up our cards and chucking away our wallets, but mobile’s ability to bridge online and offline retail channels will increasingly threaten other methods of payment, including traditional payment cards.”