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Cash still comprises half of UK payments

The UK Payments Council has published figures showing that 19.9 billion cash payments worth a total of £260 billion were made during 2013, comprising 52% of all payments. The Council’s figures stand in stark contrast to data published earlier this week from the British Retail Consortium and the UK Cards Association, which both reported a decline in cash usage and an increase in card spending.

Cash usage

Cash remains a stalwart in UK payments

Although the number of cash payments is lower than the 20.8 billion payments recorded in 2012, cash has remained at the 20-21 billion level since 2009. Cash withdrawals are still the primary way for UK consumers to get cash, with 67,963 ATMs available in 2013.

David Hensley, head of cash services at the Council, said: “Despite speculation on declining cash use, the reality is that the majority of our everyday purchases are still made in cash, particularly for low value items. Clearly customers need and want cash as much as ever.”

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