Uneasy sits the crown as cash use continues decline
Consumers and businesses made 15.4 billion cash payments in 2016 – down from 17.2 billion in 2015, according to UK Finance.
However despite the decline, cash was still used 25% more often than the second most frequently-used method; debit cards (11.6 billion).
During 2016, cash represented almost half (44%) of all payments made by consumers – the second year in a row where consumers used cash for fewer than 50% of all payments. During the same period, cash payments reached £240 billion, accounting for 15% of the total value of consumer spending, a decline of five percent compared to the previous year.
More than one in four (26%) consumer cash payments were for a value of £1 or less, and more than three in five (61%) were for a value of £5 or less.