The increase in the contactless limit on cards, and mobile payment services with no cap on spending have accelerated the switch away from cash. Worldpay said that by 2024 it expected mobile to make up a third of payments.
Pete Wickes of Worldpay said: âThis research shows the speed and scale of the transformation in consumer behaviour in just 12 months.
âThe decline in the use of cash in the UK has accelerated, and while this opens up new opportunities for businesses to optimise and drive efficiencies, we need to be mindful that important parts of the economy continue to rely on cash, such as charity donations and restaurant tip jars, while there are many in society who remain underbanked.â