Digital Banking

With contactless accounting for more than 40% of all card payments.

Image source: Austin Thistle / Unsplash.

Millions of UK publishers withdrew almost cash from their current lives last year, with the latest figures showing that card payments now account for more than half (51 percent) of all consumer spending.

The figures, disclosed by the banking industry group UK Finance, come just days after consumer group Which? launched a campaign calling on the government to protect the cash system.

"Vulnerable people risk that they can continue to pay for essential products and services without a means, and the crisis in coronavirus accelerates the move to a cashless society," Which? wrote.

According to UK Finance, the number of people using no cash at all, or using only one in & # 39; monthly, doubled between 2017 and 2019 with now more than 7.4 million people leaving physical money.

The loss of cash was not only among young people, with seven percent of those 65 or older counting among the cashless millions.

In addition, these figures from UK Finance do not yet take into account the change in sea change that is happening in 2020, where cash has become the villain in many countries as a major driver of coronavirus.

As we wrote before, coronavirus could mean that 2020 will be the year that cash eventually loses its battle against card and is contactless.

Stephen Jones, CEO of UK Finance, said: “The influence of Covid-19 can accelerate these habits (of contactless payments and remote banking) for many customers; However, we are fully aware that not all customers are digitally enabled, which is why we work hard to ensure that people have access to cash and every banking service remains available to help the country through these difficult times. "

Contactless specifically, the figures for contactless payment figures show a further 16 per cent to 8.6 billion payments in 2019, accounting for almost half (42.3 percent) of all card payments.

However, in & # 39; 2020, UK Finance said that the impact of coronavirus was made: "Analysis of payment trends and forecasts is particularly challenging, as it is not yet clear what the impact is on consumer and business behavior. "

"UK Finance will monitor the next phase of the & # 39; crisis to determine what impact, if any, the 2020 experiences will have on & # 39; consumers' preferences on how & # 39; they pay for things."

Read more: Cash is a sinking ship, and coronavirus is perhaps the last trip

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