Mobile payments on the rise but cash decline slows
New data from UK Finance shows that mobile payments are increasingly replacing physical bank cards, with two-thirds of UK adults now registered for mobile payment services. While digital transactions dominate, the decline of cash has slowed, suggesting it will remain a relevant payment method for the foreseeable future.
Why it matters
The shift toward a digital-first economy impacts financial inclusion and the future of physical currency in retail.
Image source, Getty Images By Kevin Peachey Cost of living correspondent Published 1 hour ago Consumers are increasingly relying on their mobile phone to make payments rather than carrying bank cards, new data shows.
Two-thirds of adults in the UK were registered with at least one mobile payment service last year, according to an annual report by banking trade body UK Finance.
Use of a phone to pay has jumped in recent years. It is a decade since Apple Pay was launched in the UK.
While cash use continues to decline, the data suggests that the fall is slowing and that notes and coins will remain an important payment option for many people a decade from now.
Consumers are increasingly storing card details on phones or watches and making contactless payments backed up by facial or fingerprint verification, instead of pressing in a PIN.
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