Mubasher: The use of cash In the UK is rapidly declining, as more consumers adopt new means of payment such as contactless cards and mobile payments, senior payments analyst at GlobalData, Samuel Murrant, stated, according to a statement released on Wednesday.
However, cash remains an important component of payments at the point of sale in the kingdom, Murrant noted.
The analyst said that 35% of consumer transactions at the point of sale were accounted for by cash in 2018 and consumers spent a total of EUR 161 billion in cash.
"The UK is increasingly moving towards digital payment dominance, but cash is expected to remain important - GlobalData forecasts that in 2022, cash will still account for just under one in every five consumer transactions at the point of sale,” Murrant commented.
Most UK consumer will adapt to a total collapse in access to cash, as services allow digital payments in almost all areas, but gaps will remain, he added.
Murrant remarked: “Sole traders, the elderly, the very young, and the vulnerable in our society all make heavy use of cash for various reasons including budgeting, or lack of access to digital means of payment. These individuals will struggle in a cashless world.”