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Number of cash payments increases

Number of cash payments increases

Category: Money

Updated: 10/06/2013
First Published: 10/06/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A growing number of consumers and businesses are favouring cash over cards when making everyday transactions, according to a study by the Payments Council.

Around 20.8 billion cash payments were made during 2012, compared with 20.6 billion the previous year, with cash payments accounting for 54% of all transactions.

The number of cash machines, or ATMs, also grew last year to an all-time high. There are now over 66,000 cash machines located across the UK, with the vast majority (46,069) not charging users a fee.

The rise in cash usage is believed to be due to more people adopting a prudent approach to their spending, withdrawing money as and when required rather than splashing out on their cards.

David Hensley, head of cash at the Payments Council, said: "Cash is still a vital part of our day-to-day lives, and more than half of all our payments are in cash, reflecting its easy use and its wide acceptance."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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