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Cash usage shrinks to below 10% for first time on record as Britons turn to mobile phones to make payments
['Lee Boyce', 'Editor', 'This Is Money']
Home | Mail Online
Cash usage shrunk last year to make up just 9 per cent of all payments in Britain, new data shows.
Nearly a third now live 'largely cashless lives,' the data revealed, with 17million using cash once a month or less last year, while just 1.2million mainly used cash.
Meanwhile, mobile payment adoption has rocketed.
'This pattern was observed with contactless card payments, and we are likely to see it with mobile payments.'
Of those who had an annual income of £65,000 or more, 46 per cent rarely used cash, whereas those who earn £20,000 or less a year, the share of cash users was 22 per cent.