Report finds decline in the use of cash is easing

Report finds decline in the use of cash is easing

22 Aug 2022

Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased.

A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the UK.

In 2021 there were 23.1 million consumers who used cash as a form of payment just once a month or not at all. At the same time, there were 1.1 million consumers who mainly used cash when doing their day-to-day shopping.

Debit cards proved to be the most popular form of payment method, making up 48% of all payments.

Adrian Buckle, Head of Research at UK Finance, said: 'In 2021 we saw the total number of payments return to pre-pandemic levels and a return towards the long-run trends in payment method usage.

'Contactless continued to be popular, accounting for almost a third of all payments. Cash usage fell slightly, although remained the second most commonly used payment method.'

Download our TaxApp Today

Tax rates, tips and calculators at your fingertips

Using the latest technology, our App has been developed to provide you with useful tax tools and information via your mobile device. Available for all mobile phones and devices.

Download for FREE now and simply save to your home screen.

The Ollis & Co TaxApp will always be technically up to date and keep you reliably informed.