Britain is moving away from use of physical money, new figures on the rise of cashless payments indicate.
Payments Council data released on Thursday shows that cashless payments overtook the use of notes and coins for the first time last year and cash volumes are expected to fall by a further 30% over the next decade.
The industry body, which oversees the system of transactions, said it isn’t just the average person on the street that is favouring electronic transactions over physical money. Businesses and financial institutions are all opting for debit and credit card transactions and transfers over cash.
In fact, use of cash by consumers, businesses and financial organisations fell to 48% of payments last year. Some 4.4% of Britons said that they “rarely” use cash at all.
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