Cashless overtakes notes and coins for the first time

Cashless payments have overtaken the use of notes and coins for the first time, according to the industry body. The Payments Council said the use of cash by consumers, businesses and financial organisations fell to 48% of payments last year.

The remaining 52% was made up of electronic transactions, ranging from high-value transfers to debit card payments, as well as cheques. Cash volumes are expected to fall by 30% over the next 10 years.

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Source: Kevin Peachey, Personal Reporter - BBC.co.uk