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UK expects to be nearly cashless by 2024 as use of digital payments accelerates

UK expects to be nearly cashless by 2024 as use of digital payments accelerates
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United kingdomPete wickesPayments reportGeneral managerWorldpay global payments reportஒன்றுபட்டது கிஂக்டம்பீட் துன்மார்க்கன்கொடுப்பனவுகள் அறிக்கைஜநரல் மேலாளர்

Cash will be used for just 7% of in-store purchases by 2024

(Chris Radburn/PA) Thank you for signing up to The Press and Journal newsletter. Something went wrong - please try again later. Sign Up Cash will account for just 7% of in-store purchases in the UK by 2024 as the use of mobile payments and cards continue to accelerate, according to projections. In 2019, cash made up more than a quarter (27%) of in-store payments, according to payment processing technology provider Worldpay, a brand of FIS (Fidelity Information Services). This decreased to 13% last year as the coronavirus crisis had an impact on the way people paid. Pete Wickes, general manager for Europe, the Middle East and Africa at Worldpay from FIS, said: “This research shows the speed and scale of the transformation in consumer behaviour in just 12 months.

United kingdomPete wickesGareth shawFidelity information servicesMiddle eastஒன்றுபட்டது கிஂக்டம்பீட் துன்மார்க்கன்கரேத் ஷாநம்பகத்தன்மை தகவல் சேவைகள்நடுத்தர கிழக்கு

Cash payments could drop to just 10% of transactions within three years

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.

United kingdomPete wickesGareth shawChancellor rishi sunakஒன்றுபட்டது கிஂக்டம்பீட் துன்மார்க்கன்கரேத் ஷாஅதிபர் ரிஷி சுனக்

Paying by cash in stores predicted to account for just 7% of transactions within three years

Paying by cash in stores predicted to account for just 7% of transactions within three years Cash payments accounted for 27% of in-store payments in 2019. 09:17, 1 JUN 2021 Which? is calling on the UK Government to protect the future of cash (Image: Getty Images) Get the latest on money saving tips and benefit changes straight to your inbox each week with our Record Money newsletter.Invalid EmailSomething went wrong, please try again later. Subscribe When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice. Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice

United kingdomPete wickesGareth shawFidelity information servicesRecord moneyMiddle eastUnited kingdom governmentRetail and consumerPersonal financeஒன்றுபட்டது கிஂக்டம்பீட் துன்மார்க்கன்கரேத் ஷாநம்பகத்தன்மை தகவல் சேவைகள்பதிவு பணம்நடுத்தர கிழக்குஒன்றுபட்டது கிஂக்டம் அரசு

Cashless society almost in place within three years | Business

Britain will be almost cashless by 2024 as the pandemic fuels a permanent shift in consumer habits, a payments firm has predicted.Worldpay said that it expected only 7 per cent of in-store purchases

United kingdomPete wickesஒன்றுபட்டது கிஂக்டம்பீட் துன்மார்க்கன்