Cash Payments Increase as Consumers Grapple with Rising Costs
Cash payments saw a notable uptick for the first time in a decade last year, reflecting the challenges faced by consumers dealing with soaring prices. Nevertheless, debit card usage continued its dominance, constituting half of all transactions, marking its highest-ever level. Consumers often express a preference for managing their finances with cash, yet UK Finance, the organisation that compiled the data, anticipates a decline in cash usage in the coming years once the current economic pressures ease.
