Debit card payments in the UK have overtaken cash transactions for the first time. The Bank of England said that debit cards had become a "dominant form of payment and are now used by more than half of all consumers". It also showed that contactless payments using credit or debit cards had nearly doubled during the year, rising by 97% to 5.6 billion transactions. Cash payments were down by 15%, and it is anticipated that by 2027 they will account for just 16% of all transactions, whilst contactless payments reach 36%.
Debit card payments in the UK have overtaken cash transactions for the first time. A report by the UK Finance trade association showed there were 13.3 billion card payments in 2017, compared to 13.1 billion for cash. It also showed that contactless payments using credit or debit cards had nearly doubled during the year, rising by 97% to 5.6 billion transactions. Cash payments were down by 15%, and it is anticipated that by 2027 they will account for just 16% of all transactions, whilst contactless payments reach 36%.