- Danielle Wightman-Stone |
In 2018, cashless transactions overtook cash as the most popular method of payment in the UK for the first time, as the UK generated 106.7 trillion euros in sales using contactless payments.
In the report released by merchant account and card payment fee comparison service Merchant Machine it reveals that last year saw a 15 percent drop in notes and coins being used in the UK, which it adds shows the “growing popularity” of contactless cards.
The UK is also leading the way for cashless payments revenue in Europe, with Germany ranked second with 55.8 trillion euros, while France gathered 27 trillion euros.
Contactless debit and credit cards provides consumers with a fast and easy way to pay and last year the report states that clothing sales using contactless “skyrocketed” by 321 percent, topping all other key business types.
Ian Wright from Merchant Machine said in a statement: “The popularity and preference towards cashless payments appears evergrowing. While so many are aware of the decline of cash usage and increase in card transactions, but this study helps to break down where these changes are most felt.”