Summary
Half of UK adults now regularly use their phones to pay for things using mobile payment services like Apple Pay and Google Pay. The use of mobile payments is growing across all age groups, though the reliance on cash is decreasing. Some concerns exist about the impact on people who still rely on cash, especially during digital payment outages.
Key Facts
- Half of UK adults used mobile payments regularly in the past year, up from 34% the previous year.
- Mobile payment use has increased among all age groups, with 78% of 16 to 24-year-olds using it regularly.
- The percentage of adults using physical contactless cards has slightly decreased.
- Cash usage has dropped below 10% of all transactions, although around 50 million people still use ATMs.
- Digital payments like "Buy Now Pay Later" are growing among older age groups.
- Concerns exist about moving to a digital-only system, particularly for those on lower incomes.
- The UK financial regulator suggests banks could remove the current £100 contactless payment limit.
