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One in 14 people ‘no longer carry a wallet’

By Vicky Shaw, PA Personal Finance Correspondent

One in 14 people say they no longer carry a wallet, a survey has found.

Some 7% no longer take a wallet out and about with them, while a fifth (20%) said that if they were to look in their wallet it would not contain any cash, according to digital payments service PayPal.

The growth of contactless cards and mobile payment apps means many people are now less reliant on cash to make payments than in the past.

Contactless payments are increasing in popularity (Matt Crossick/PA)

But bank branch and ATM closures have sparked concerns that cash is becoming more difficult to access as a payment option. Many people still rely on cash for their day-to-day spending.

The survey also found that people paying friends and family amounts of money back often end up forking out more than they borrowed – due to rounding the amounts they owe up when using cash.

More than a quarter (29%) of those who pay in cash round up these payments, the survey of 2,000 people across the UK found.