For the first time, debit cards have over taken cash in the war of payments.
The use of cash fell by 15% last year with 13.1 billion cash payments being made. In comparison to the 13.2 billion debit card payments made, an increase of 14%. It is said that the advancement in contactless technology has contributed to the takeover, with 5.6 billion contactless payments being made in 2017. The average contactless payment increased from 5 to 9 transactions per month. With just under two thirds of the UK now using contactless payments.
Despite the expectation that cash transaction will continue to fall, a cashless society is not in the near future. Particularly with this months earlier glitch with VISA, where a majority of the VISA’s debit cards failed. In addition to this fraud on contactless cards doubled to £5.2 million for the first 6 months of 2017. Cash is still the second most popular form of payment, and 2.2 million UK people still reply on cash for their day to day spending.