UK Cash Payments Down 35% Amid Pandemic

UK Finance, the UK finance organization, released an annual study on the local payments market on Wednesday. According to the organization’s calculations, in 2020 the number of transactions using cash decreased by 35%. Amid a pandemic, lockdowns and a decline in economic activity, the total number of payments also decreased, but much less significantly – by 11%, to 35.6 billion.

Since 2017, payments in cash have declined by an average of 17% per year, but this decline has accelerated significantly in 2020. Also, according to UK Finance estimates, the number of Britons who practically do not use cash has almost doubled – the number of those who pay cash once a month or less increased from 7.4 million in 2019 to 13.7 million in 2020. …

The share of cash in 2020 was 17% of all payments, down from 45% in 2015. At the same time, the spread of contactless payments increased by 12% last year, and their share reached 27% of all payments (against 7% in 2016 and 19% in 2018).

Yana Rozhdestvenskaya

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