TEST

CASHLESS PAYMENTS RISING FAST IN THE UK

In 2018, cashless payments exceeded cash payments in the U.K. for the first time, as the use of banknotes and coins fell a substantial 15 percent.

Now, Merchant Machine, a merchant account and card payment fee comparison provider, has completed a study measuring the impact of cashlessness on specific industries, personal spending and how much different countries have adopted the payment method. 

Following are further findings from the report:

Cashless payment

  • In 2018, the use of contactless payments to purchase clothing grew 321 percent, year over year.
  • The use of cashless payments for parking grew 132 percent.
  • In public transit, 91 percent of payments are not contactless.

Cashless countries

  • At $121.24 trillion in 2017, the U.K. leads Europe in cashless payments across Europe. 
  • Germany was a distant second with cashless payments totaling $63.4 trillion. 
  • France was third with $30.91 trillion in cashless payments. 

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