While digital payments are both the present and the future, cash will remain a mainstay
Today, ATM network Link has released research showing just 48% of people carry a physical wallet as part of their day to day routine.
The report indicated that people aged 45-plus have a preference for physical debit cards, while people aged 18 to 44 were more likely to favour digital wallets. However, despite digital payments being the default option for some people, more than half (51%) of those surveyed said they had used cash in the past week. Link also raised concerns that technology failures have left consumers exposed across payments, banking and broader services, with more than six in 10 (61%) people have experienced payment failures, the research indicated.
James Fry, head of enterprise product at Worldpay, has commented on the findings: “The discussion of a cashless society rumbles on. And as the rise in digital payments shows no sign of slowing, it’s more important than ever to consider the impact of cash in a diverse payments landscape. In fact, Worldpay’s latest Global Payments Report uncovered clear resistance towards a cashless society, with cash expected to account for 8% of point-of-sale spend in the UK by 2030. Despite a significant decline in cash usage over the past decade, falling from 32% of point-of-sale transaction value in the UK in 2014 to just 10% in 2024, its decline has slowed dramatically since the pandemic.
“While digital payments are both the present and the future, cash will remain a mainstay and should be considered by businesses as part of their payments offering to strike the balance between embracing innovation and ensuring equity and choice for broader customer needs.”