Yahoo Finance A staggering three quarters of Brits are not paying with cash
From food to clothing, to taxi rides, to cinema tickets, Brits are increasingly relying on contactless cards and popular mobile apps to make speedy payments.
Research by OnBuy, based on Worldpay’s latest Global Payments Report, has revealed Brits’ favourite ways to pay, establishing just how tech and money-savvy UK consumers are when faced with the prospect of a changing world.
Debit cards are still the preferred payment method of Brits, representing 32% of all e-commerce payments and 55% of all in-store transactions. Interestingly, this is much higher than the global figures of 29% in-store and 12% online.
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Thereafter, Brits prefer to use eWallet (23%) services such as Apple and Google Pay when shopping online, to credit cards (18%), bank transfers (9%), cash on delivery (7%) or deferred debit cards (6%).
However, their preferred payment method changes when making in-person purchases. Interestingly, the use of cash is still popular when purchasing in-person, at 22%, despite Britain heading towards becoming a cashless society.
In fact, 75% of people in the UK are choosing not to pay with cash overall, BestOne found.
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Credit card is the third most dominant payment method, at 15%, while eWallet (5%) and charge card (2%) payments linger behind.
The report also predicts eWallet payments will increase from about 36% in 2018 to almost half (47%) of all global e-commerce transactions by 2022. Considering that already one in three card transactions in the UK are contactless, this isn’t hard to imagine.
By 2026, the use of cash it expected to drop to 21%, with the use of eWallets growing globally at a compound annual growth rate of just over 30%.
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Many sectors have already seen a notable shift from in-person to e-commerce transactions since 2013, such as florists (41%), clothing and footwear (22%), entertainment (10%), tourist attractions (8%) and grocery (3%).
