According to the forecast, the volume of cash payments is likely to rapidly decrease over the next several years. In 2008, there were payments approximately 23 billion cash payments in the United Kingdom, and in just ten years, the number had halved. By 2028, the volume of payments might fall to four billion. The drop in cash payments could be explained with the raising popularity of cashless payment methods such as contactless card transactions. As of 2019, four out of five cards issued in the United Kingdom had a contactless functionality. Using a contactless card spares time and is commonplace for everyday purchases under 30 British pounds.
Forecasted volume of cash payments in the United Kingdom (UK) from 2008 to 2028
(in billions)
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UK Finance. (September 30, 2019). Forecasted volume of cash payments in the United Kingdom (UK) from 2008 to 2028 (in billions) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1090862/volume-of-cash-transactions-in-the-united-kingdom/
UK Finance. "Forecasted volume of cash payments in the United Kingdom (UK) from 2008 to 2028 (in billions)." Chart. September 30, 2019. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1090862/volume-of-cash-transactions-in-the-united-kingdom/
UK Finance. (2019). Forecasted volume of cash payments in the United Kingdom (UK) from 2008 to 2028 (in billions). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1090862/volume-of-cash-transactions-in-the-united-kingdom/
UK Finance. "Forecasted Volume of Cash Payments in The United Kingdom (Uk) from 2008 to 2028 (in Billions)." Statista, Statista Inc., 30 Sep 2019, https://www.statista.com/statistics/1090862/volume-of-cash-transactions-in-the-united-kingdom/
UK Finance, Forecasted volume of cash payments in the United Kingdom (UK) from 2008 to 2028 (in billions) Statista, https://www.statista.com/statistics/1090862/volume-of-cash-transactions-in-the-united-kingdom/ (last visited November 21, 2024)
Forecasted volume of cash payments in the United Kingdom (UK) from 2008 to 2028 (in billions) [Graph], UK Finance, September 30, 2019. [Online]. Available: https://www.statista.com/statistics/1090862/volume-of-cash-transactions-in-the-united-kingdom/
