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Is Britain rapidly becoming a cashless society?

Contactless card payment

New data released by Paymentsense reveals that Britain may be becoming a cashless country.

  • 290,069,274 digital card payments (debit and credit in store) were made across the UK in 2017 via retail stores, supermarkets, restaurants and more. 
  • 42% of those were made via contactless 
  • London tops the chart of Cashless Capitals, with highest proportion of card transactions
  • Bristol revealed as contactless Capital
  • interactive map reveals the areas that no longer carry cash the most and where contactless payments are the highest 

Digital card payments are higher than ever with a huge 290,069,274 digital card payments via credit or debit card made across the UK in 2017 (Paymentsense data). 

When breaking the data down by city, London has been revealed as the cashless capital – the area with the highest proportion of card transactions. 59,498,327 card transactions were made in London in 2017 through Paymentsense technology – the highest amount across the UK. This is then followed by Birmingham and Bristol. 

Top ten cities for card transactions 

City 

Sum of Transactions

 

LONDON

59,498,327

BIRMINGHAM

10,000,609

BRISTOL

8,297,118

BRIGHTON

6,775,089

MANCHESTER

5,449,368

SHEFFIELD

4,765,407

EDINBURGH

4,140,689

PORTSMOUTH

3,712,439

LEEDS

3,655,217

OXFORD

3,450,293

Since contactless technology came in in 2007, the data released by Paymentsense reveals the 42% of all card payments are now made via contactless within stores. When breaking this down by city, Bristol tops the chart for the most contactless transactions in the last year. 59.50% of all transactions within Bristol are made via contactless. 

Top ten cities for contactless transactions 

City 

Sum of Transactions

 

Contactless Transaction Rate

BRISTOL

8,297,118

59.50%

LONDON

38,514,219

57.06%

BRIGHTON

6,775,089

55.85%

HULL

1,960,002

55.73%

BIRMINGHAM

10,000,609

52.97%

YORK

2,217,563

51.68%

LEEDS

3,655,217

50.14%

NOTTINGHAM

3,195,920

50.12%

OXFORD

3,450,293

48.99%

NORTHAMPTON

2,211,404

48.35% 

 Guy Moreve, Head of Marketing at Paymentsense, says: 

“As a society, we’re close to becoming cashless, as our asset highlights which UK cities are the most advanced in terms of payment solutions. There’s areas of the UK that are adapting to this movement, but others that haven’t made the list need to improve and move with the times. 

“The study further highlights the average person’s diminishing availability of cash, as many struggle when it comes to everyday, cash-only services such as car parks and taxis, and the importance of accepting card payments within these businesses.”  

The data and research can be explored via the interactive map here: https://www.paymentsense.co.uk/capital-of-card-payments/

Source: Insight DIY Team & Paymentsense press release.

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01 May 2018

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