The report indicates that cashless payments accounted for a significant 67% of total transactions in the UK over a span of 12 months. During this period, a remarkable 20,722 million out of a total of 30,914 million payments were made using cashless methods. This translates to an average of 455.32 cashless payments per person.
Taking a broader look at the entire continent, Europe, as a whole, witnessed a staggering 180,147 million cashless payments in 2020. Remarkably, Europe represented one-fifth of the world’s cashless payments during this 12-month duration.
Given the prevalence of cashless payments in the UK, it is intriguing to understand how consumers are choosing to make their payments. On the whole, the UK recorded 17,522 million debit card payments, accompanied by 2,851 million credit card payments and 345 million delayed debit card payments.
Interestingly, according to BusinessComparison’s survey, 44% of respondents admitted to still using cash within the past seven days. Notably, this included 62% of participants from Wales and 51% from the North West region. Although cash is still favored in certain parts of the UK, the shift towards cashless transactions has significantly surged.
Upon further inquiry into the reasons behind choosing cash as a payment method, the survey participants cited the following:
– “It was only a small purchase” (30%)
– “It was to use up cash already on them” (29%)
– “The business only accepted cash” (15%)
For a more comprehensive understanding of the topic, it is recommended to refer to the complete report, available through this link: [full report](https://www.businesscomparison.com/blog/articles-features/cashless-payment-report).
