Britain moves closer to becoming a cashless society

BRITAIN is using less cash than ever before as the march of electronic and card payments continues.

Notes and coins lost the crown as the most popular form of payments in Britain for the first time last year, according to data from the Payments Council.

Cash accounted for 48 per cent of all payments, including those made by businesses, falling from 52 per cent in 2013.

However, cash remained the most popular way to pay among consumers, who used it for 52 per cent of transactions in 2014.

But this number is also set to fall below 50 per cent by next year.

Young people lead the way in using digital payments, with almost half carrying less than £5 in cash at any given time, found separate research by think

The introduction of Apple Pay, which allows people to use their phone for contactless payments and comes in later this year, will no doubt hasten the switch.

The pros and cons of cards

Payments by card are better for buyer protection, especially those made by credit card.

Full article: Britain moves closer to becoming a cashless society (Express)

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