Are We A Plastic Society?
How often do you find yourself paying for something with cash? Do you even regularly carry cash with you?
No, me either.
This year was the first year that card transactions over took cash payments, so more and more of us are using card and online payments to complete our shopping.
According to the UK Card Association (now integrated with UK Finance) the payments made on card has been significantly increasing over just one year.
(Card Expenditure Statistics 2017)
Online payments are also following this trend, as well as contactless and mobile pay options. The largest increase came from the food and drink industry, where spending reached £10 billion in a single month.
Will it eventually be the norm to use card and contactless payments, causing stores to refuse cash? This doesn’t seem so impossible, as it is already happening in Sweden. According to central bank, the Riksbank, transactions completed with cash made up 2% of all payments in 2016 and some predict that will drop to 0.5% by 2020.
Do you think the UK will follow this trend?
-UK Business Buddy 🙂
If you would like to keep up with the cashless payment trend, call us on 0800 046 1804 or email; hello@ukbusinessbuddy.com