Physical cash has been the predominant payment method for millennia. MBNA predicts how the UK will transition to a cashless future in an infographic.
It wasn’t until 2014 that cash payments fell from 52 per cent to 48 per cent. This was the first time UK public spent less in cash than using non-cash means.
According to MBNA’s head of innovation, Gary Watts, the first step will be wider use of contactless payments on transportation across the UK, as a nod to Tfl’s early adoption.
Watts also expects cash payments to decline by 50 per cent in the next ten years, and for a larger proportion of over-40s to adopt digital payments.
>See: Tossed goes cash-free