Technology is radically changing the way we pay for things.
The rise of online banking, contactless cards and mobile payment services means today one in 10 of us leads a largely cashless existence.
A new report from UK Finance, the trade body, predicts cash will account for just 10% of transactions in a decade’s time.
This is because we are increasingly taking a “pick ‘n’ mix” approach to payments, it says. Just as technology has changed the way we listen to music or read the news, it is giving us a choice about how we want to pay for things.
Nevertheless, many of us still value cash as a method of managing our day-to-day finances – and this is expected to continue into the future. However, the direction of travel is clear.
To see the other key findings of UK Finance’s report, click here.