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Cash will account for just 7% of in-store purchases in the UK by 2024 as the use of mobile payments and cards continue to accelerate, according to projections.
In 2019, cash made up more than a quarter (27%) of in-store payments, according to payment processing technology provider Worldpay, a brand of FIS (Fidelity Information Services).
This decreased to 13% last year as the coronavirus crisis had an impact on the way people paid.
Pete Wickes, general manager for Europe, the Middle East and Africa at Worldpay from FIS, said: “This research shows the speed and scale of the transformation in consumer behaviour in just 12 months.
Paying by cash in stores predicted to account for just 7% of transactions within three years
Cash payments accounted for 27% of in-store payments in 2019.
09:17, 1 JUN 2021
Which? is calling on the UK Government to protect the future of cash (Image: Getty Images)
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