Cashless Living and Mobile Contactless Payments Gain Traction

  • 40% of UK adults lived cashless lives in 2023 despite a 2.6% increase in cash usage.
  • Mobile contactless payments increased by 7% to 18.3 billion, representing 38% of all payments.
  • 42% of adults registered for mobile contactless services like Apple Pay or Google Pay (up from 30% in 2022).
  • Cash accounted for 12% of all payments in 2023, down from 14% in 2022.
  • Debit cards remain the most popular payment method at 51% of all transactions.
  • Remote banking usage remained high with 87% of adults using it in 2023.
  • Over 31 billion debit card payments expected over the next decade.

In 2023, 40% of UK adults lived largely cashless lives despite a 2.6% increase in cash usage, according to the UK Finance’s Payment Markets Report produced with Accenture. Mobile contactless payments rose by 7%, accounting for 18.3 billion transactions or 38% of all payments. Registered mobile contactless users grew to 42% (from 30% in 2022). Cash made up 12% of payments, down from 14% the previous year. Debit cards remained the most popular method at 51%. Remote banking usage stayed high with 87% of adults using it. Over the next decade, over 31 billion debit card payments are expected.

Factuality Level: 9
Factuality Justification: The article provides accurate information from a reliable source (UK Finance’s Payment Markets Report) and presents data in a clear and concise manner. It discusses various payment methods and their usage trends in the UK, including cash, contactless payments, debit cards, and remote banking. The article also includes expert commentary that adds context to the data presented.
Noise Level: 3
Noise Justification: The article provides relevant information about the shift towards cashless living and contactless payments in the UK, with data from a reputable source (UK Finance’s Payment Markets Report). It also includes insights on the future of debit card usage and remote banking. However, it could benefit from more analysis or context on the broader implications of these trends and potential consequences for society.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses changes in payment methods and their usage among UK adults, which can impact financial companies and industries such as banks, credit card providers, and mobile payment platforms.
Financial Rating Justification: The article talks about the shift from cash to digital payments and its implications for various sectors in the financial industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk