To say that digital payments have had an impact on our lives is an understatement; it’s uniquely transformative. From ordering items on Amazon to the innumerable contactless swipes of a typical commute, millions use them daily. But for as long as they have transitioned from idea to practice, hard money has been the dominant force and rightly so.
Money has been the king for thousands of years even while in competition with the digital age. While many see it as only a matter of time for digital to placate cash, and recent studies agree. Research by Forex Bonuses demonstrates that the UK dominates Europe in use of digital/cashless payments. With as many as 6.42 people out of 10 preferring to use card over cash in its study from 2017.
British public making contactless with a new age
Long gone is the time when digital and card payments were cumbersome and time-consuming methods compared to cash. They have since become the most cost-effective, streamlined method for fast-moving companies and even faster consumers. Within the study in 2017, the UK was outdone only by Sweden and Canada, the former of which is seeking further digitalisation.
Since then, The Guardian has reported that the rate of cashless payments has accelerated. With as few as one in ten people electing to pay using cash within certain stores, and 40% using it frequently. Across the lines of payment: card and cashless dominate transactions, making a 2026 prediction look like an understatement.
It’s believed that by 2026, the number of sales made with cash would fall to below 21%, a staggering transformation. Mark Trevor, commercial director of Vaultex has thwarted the notion of a purely cashless UK, however. “While industry figures do show a decline in cash use. The idea that we will all be going cashless has been greatly exaggerated.”