We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Evolution Money
Customer Enquiries 0161 814 9158
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Home > More cashless payments made in 2014 than using traditional cash

More cashless payments made in 2014 than using traditional cash

8th May 2015 | Published by Henry

More payments are now made by card than with notes and coins, according to The Payments Council.

The use of cash to pay for goods fell to less than half of all payments made during 2014. All other payments were made by debit or credit card, cheques or electronic transactions.

The Payments Council said that the move towards mobile and contact-less payments is set to continue and that cash payments are likely to fall by as much as 30 per cent over the next ten years.

Cash is still the most commonly used payment method, however, accounting for more than eight out of every ten purchases made in pubs, newsagents and clubs last year. Nearly 80 per cent of all goods bought in convenience stores were also paid for with cash.

24 per cent of all payments were made by debit card and a further ten per cent by direct debit.

The use of cheques is continuing to fall with only 1 per cent of consumer payments made by cheque in 2014.

The Bank of England has announced plans to change the look of much of the cash we keep in our wallets and purses. There will be a new 12-sided £1 coin in 2017; a plastic £5 note in 2016; and a plastic £10 note in 2017. The plastic notes are made from polymer and have a life expectancy of twice that of the traditional paper note. Polymer bank notes are already in circulation in Scotland, a year ahead of the rest of the UK. The plastic £5 has been issued by Clydesdale Bank and commemorates the 125th anniversary of the Forth Bridge.

Other findings by The Payments Council were that only 4.4 per cent of adults rarely use cash and that the average cash withdrawal made at ATMs in 2014 was £67.

Category: Money
This post was written by Henry
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoThe Finance & Leasing Association is the leading trade body for the motor finance, asset finance and consumer credit industries in the UK.

Socialise

Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Pin us on Pinterest
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Privacy Policy | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions
Apply Online
I want to borrow £


You will receive a call today to continue with your application.
Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution