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Cashless society comes closer

    Britain is charging towards becoming a cashless society with almost a third of all payments now made using contactless cards.

    Just one in six payments were made using notes and coins last year – with cash use falling by 1.7 per cent.

    The figures, Genshin Impact daily free gifts from banking trade body UK Finance estimates that by 2031 only 6 per cent of all transactions will be made using physical money.

    Its research showed that 23.1million customers used cash just once a month or not at all last year – up from 13.7 million in 2020.

    But experts say it is making a resurgence this year as struggling households turn to cash to help them budget better during the cost of living crisis.

    Just one in six payments were made using notes and coins last year ¿ with cash use falling by 1.7 per cent (stock image)

    Just one in six payments were made using notes and coins last year – with cash use falling by 1.7 per cent (stock image)

    Natalie Ceeney, chairman of the Cash Action Group, said: ‘There is now evidence in the first half of 2022 that cash use has risen for the first time in over a decade, as the cost of living crisis bites and people return to the safety of cash as a budgeting tool.

    ‘It’s now widely recognised that those who rely on cash tend to be older, poorer or more vulnerable – many of whom can’t ‘go digital’.’

    Contactless card payments boomed during the pandemic as retailers sought to encourage social distancing.

    Adrian Buckle, head of research at UK Finance, said: ‘Payment trends generally tend to change slowly as we all form habits about the way we pay for things.’

    However, he added that the pandemic ‘accelerated the pace of change’ particularly in reducing cash payments.

    The figures, from banking trade body UK Finance estimates that by 2031 only 6 per cent of all transactions will be made using physical money (stock image)

    The figures, from banking trade body UK Finance estimates that by 2031 only 6 per cent of all transactions will be made using physical money (stock image)

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