Almost 50 percent of UK adults used mobile banking in 2018 and 10 percent live an almost cash free life; 16 percent of adults use payments services like Google Pay, Apple Pay and Samsung Pay to name a few, that number is up from 2 percent in 2016; 69 percent made a contactless payment in the last year, while 63 made a contactless payment in 2017; UK Finance gathered the data from more than 250 financial institutions and thousands of customers who were surveyed about their habits; cash payments fell by 16 percent, 17 percent of consumers between 25 and 34 live a cash free life and 7 percent of those over 65 are starting to go cashless; the trends point to a big opportunity for fintech firms as it shows cash is going out of style across the age spectrum, though the data says cash will still account for 10 percent of payments in 2028. Source.
