Payments using digital wallets surge in Britain

Quick Summary:

In 2023, cash accounted for 12 per cent of all payments, down from 14 per cent in 2022, according to the report published on Wednesday.

The share of UK adults registered with a digital wallet also surged to 42 per cent in 2023, up from 30 per cent the previous year.

The decline in physical money is in line with a long-term trend, although its use rose year on year for the first time in a decade in 2022 as consumers looked to control their spending amid rising living costs.

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Article Details

Author / Journalist: Akila Quinio

Category: MarketsFinanceInvesting

Markets: United States

Topics: Contactless Consumers Cent Digital Made Cash Payment Wallets Payments Financial Year

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 23:00:15 (15 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 542 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 21757533

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About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

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Year Established: 1888

Headquarters: United States

News Last Updated: 8 hours ago

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