Cashless Payments Overtake Notes Over In The UK

It used to be back in the day, only certain establishments would accept credit cards, and even then there was a minimum amount that had to be spent before cards would be accepted. Fast forward to today, there are some countries where cards are accepted regardless of how big or small your purchase is.

This is why it does not come as a surprise to learn that over in the UK, cashless payments have finally overtaken the use of notes. This more or less fulfills a prediction by the UK’s Payments Council who had previously predicted that this would happen. Unsurprisingly this has to do with the fact that using cards to pay is safer and faster than having to go to the ATM and carrying huge amounts of cash on your person.

According to the Payments Council, “This is the first time that ‘non-cash’ payments have exceeded those made with cash, reflecting the steady trend to use automated payment methods and debit cards rather than pay by notes and coins.” Based on the figures, cashless payments accounted for 52% of transactions last year.

The popularity of cashless payments is starting to rise. Recently the Danish government has been looking into a ruling that would allow retailers to opt out of cash payments, meaning that the outlet only accepts cashless payments such as credit/debit cards, or even other digital methods like Apple Pay, Google Wallet, or PayPal.

Tyler Lee
Categories: General
Tags: Apple Pay, google wallet, paypal, Social Hit