The growth of innovative technologies has led to a reworking
of the way financial services are utilised.
In 2018, for the first time ever, cashless payments exceeded cash
in the UK. The use of bank notes and coins decreased by 15 percent. A study has
examined the impact of these digital
settlements in various countries. It revealed that the United Kingdom, with
transactions worth $121.24 trillion in 2017, leads cashless payments in
Europe. It is followed by Germany (operations amounting to $63.4 trillion) and
France whose fintech
sector recorded $30.91 trillion in these settlements.
UK
leads cashless payments in Europe
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