Cash only makes up a quarter of in-store payments in the UK, according to a recent report. Debit cards currently represent 32% of in-store payments, followed by cash (22%), credit card (15%), eWallet (5%) and charge card at 2%. It is predicted that by 2026 the use of cash will drop to 21%.
Online, direct debit is still the most prevalent payment method at 55%. An eWallet payment method is next, representing 23% of all ecommerce transactions followed by credit card (18%), bank transfer (9%), cash on delivery (7%) and charge and deferred debit card at 6%.
The findings were revealed by online marketplace OnBuy.com, through analysis of Worldpay’s ‘Global Payments Report’.