Cash - no longer the payment everyone loves

21 May 2015


The best things in live are free - but you can give keep them for the birds and bees, I want... well... a card transaction or an online payment would be nice, actually.

You see, for the first time, cold hard cash is not the favoured method of paying for stuff in the UK, as cards and online transactions have overtaken the use of coins and notes. You want stats? Figures show that, last year, £19.8bn was spent using cards, online payments or cheques while £18.3bn was paid in actual physical money.

Of course, this doesn't mean cash is going to vanish overnight - it is really pathetic to see someone trying to 'make it rain' in a stripclub by sending money via PayPal. No-one ever flaunted their wealth by simply pointing at the banking app on their mobile. You can't really 2p someone with BitCoins.

Either way, the Payments Council reckon that, by 2024, less than a third of the money we spend will be in cash. And it looks like, with the advent of contactless payments and Click And Collect services, that people will have less reason to carry loads of money about their person, which is obviously bad news for muggers.

Stats show nearly 1-in-10 people say they now use cash machines less than once a month.

TOPICS:   Banking   Investments

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