Money Research

Data from the Payments Council has found that more of us pay with debit cards, credit cards or automated payments than with cash these days.

In the year to May 2015 businesses, consumers and financial organisations made 18.3bn cash payments, versus 19.8bn non-cash payments. That’s means cash was used to settle only 48 per cent of all transactions.

By 2024 we’ll only be using cash twice every three days, according to Payments UK. Instead we will favour our plastic using debit cards to make most of our purchases.

The trade body believes we’ll buy more items that were traditionally bought with cash, such as groceries and lottery tickets, online. Meanwhile small transactions such as newspapers or lunch will be paid for with a card.

Does this spell the end for cash?
Not necessarily. “Cash remains a vital part of our day-to-day lives and is still the most attractive or only option in lots of situations,” David Hensley, director of payments industry body Cash Services, told the Guardian. “We continue to value notes and coins so highly for their familiarity and