How are payments made in the UK?
Payments UK has released a new report giving an overview of current and future trends in UK payment behaviour. The report, UK Payment Markets 2016, reveals that cash continues to be the most popular method of payment, constituting 45% of all payments in 2015.
It also predicts, however, that by 2025, cash payment will have dropped to make up just one in four (27%) of all payments. The increasing popularity of contactless payments is driving credit, debit and charge card payments to make up a larger share of the total payment market. This is predicted in the report to reach half of all payments (50%) by 2025.