Finance: the UK sees a 35% reduction in cash payments

 

The pandemic has accelerated changes in the finance sector. One of these is related to digital payment gateways. Indeed, these are becoming so popular that we might soon move towards a cashless society. Considering the convenience and ease of contactless settlement methods, coins and banknotes are being used by fewer people. For instance, in 2020, the UK has seen a 35% decrease in cash payments. Five out of six transactions are now cashless and this phenomenon is happening in several economies across the world.

Photo credit: image4you from Pixabay

Fewer people are using cash