Britain is going cashless – and that’s fine
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By Harrison Griffiths
Britain is moving in a decidedly cashless direction. In the decade between 2012 and 2022, cash payments fell from 54% to 14% according to UK Finance. This isn’t happening because of some grand conspiracy. It’s driven by the ease of paying with a card over having to carry around cash and deal with change. It’s also easier for businesses, who find managing physical cash to be expensive and burdensome.
The last decade has also seen a fintech revolution, with online banking and contactless payments now accessible to more people than ever. Banks like First Direct, Starling, and Monzo offer their services exclusively online and by phone. They have gained millions of customers because people find the digital experience to be highly convenient.
The trend towards cashless payments was given a jolt during the pandemic, but the post-Covid trend shows us that it is no fad. The proportion of physical payments continued its decline to 14% from 15% in 2022 compared to 2021.
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