Cashless payments have overtaken the use of notes and coins for the first time, according to the industry body.
For the very first time card payments have overtaken cash according to The Payments Council UK. Cash payments has fallen to an all time low at forty eight percent last year with this year looking similar and even more circa 30% over the next ten years.
The millennial generation are sure to push forward with cashless moving to contactless for day to day transactions.
Is cash leaving us for good? The next generation will decide…
In 2014 £250 billion was transacted in cash from around 18 billion payments.
Debit cards accounted for twenty four percent of payments, followed by direct debits which accounted for ten percent of all payments.
The Payments Council also predict that the majority of transactions in 2016 will be cashless.
Even though the Bank of England are pushing forward with revamping bank notes and due to circulate new plastic cash in the coming years the future seems to be cashless and contactless.