Cash is back! More of us are using pounds and pennies for purchases amid the cost of living crisis, banking bosses say
- The number of cash transactions rose by around 400,000 to 6.4 billion last year
- Debit card payments made up half the total of payments, rising by 18 per cent
More than half of all payments are being made by debit card for the first time – but banking bosses say it is too soon to write off cash.
Yet despite the switch to cards and mobile phone apps, the number of cash transactions rose by around 400,000 to 6.4 billion last year.
The increase came as more people relied on notes and coins to help them budget amid the cost-of-living crisis, according to the industry body UK Finance.
The total number of payments through any method was 45.7 billion in 2022, which was up from 40.4bn in the year before.
Debit card payments leapt 18 per cent to 23 billion, making them just over half the total for the first time. The 6.4 billion cash payments accounted for 14 per cent of the total.
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