The number of Brits who do not use cash has grown by almost two thirds in a year
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The number of Britons who practically do not use cash – they pay in cash once a month or less often, has grown in 2021 compared to 2020 by 69%, amounting to 23.1 million people. Such data on Wednesday, August 17, published UK Finance, which brings together representatives of the British financial industry, in its annual study on the local payment market.
The total number of transactions using cash decreased slightly compared to 2020: by 1.7%, to 6 billion. However, two factors must be taken into account here. Firstly, cash payments have dropped significantly in 2020 with the onset of the pandemic – by 35%. Secondly, the total number of payments increased in 2021 by 13.5%, to 40.4 billion, thereby reaching pre-pandemic levels in the face of the lifting of lockdowns and other restrictions. Thus, in 2021, cash accounted for about 15% of all payments (against 17% in 2020 and 45% in 2015).
In 2021, contactless payments have become even more common: their number increased by 36%, and the share reached 32% of all payments (against 27% in 2020 and 7% in 2016). “Trends in means of payment tend to change slowly because we all have habits of how we pay and they are hard to change. However, the pandemic has accelerated change in 2020, including with regard to the reduction in the number of cash payments,” said Adrian Buckle, director of research at UK Finance.
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