Cash could be used for fewer than one in ten purchases in shops in three years.
Physical money accounted for 13.4 per cent of in-store purchases in 2020 – down from 27.4 per cent the previous year, according to payments firm Worldpay.
It added that by 2024 cash will be used in just 6.9 per cent of transactions.
Consumer champion Which? said about two million people relied on notes and coins every day before the pandemic.
Physical money accounted for 13.4 per cent of in-store purchases in 2020 – down from 27.4 per cent the previous year, according to payments firm Worldpay
The decline is partly because shops are refusing to accept them over fears that the virus could be passed on by physical money – despite assurances that the risk is low.