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:
- 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.
- 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.
– atmmarketplace.com –