Cash is no longer king – most of us are using cards for transactions over £10 and in five years time it is predicted cash will be used for less than half of all transactions.
The Payments Council suggested that by 2018, one in 50 people would be paid their wages in cash, compared with one in eight in 1999.
Cash would account for 45% of transactions, compared with 73% in 1999.
‘The noughties have been the decade of the debit card. Especially since chip and pin, which has speeded up transactions, it has become socially acceptable to buy small items by card now too, for example in a sandwich shop or a pub,’ said Mike Bowman of the Payments Council.
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