"'People are more comfortable leaving their home with just their phone,'"
"'change of consumer behaviour'"
"'Cash fell below 10% of all payments,' Mr Buckle said. 'These changes weren't just driven by younger consumers. We saw growth in mobile wallets and Buy Now Pay Later across older age groups too, highlighting how digital payments are becoming more mainstream across the board.'"
Mobile payments reached 50% of UK adults using them at least once a month in 2024, up from 34% in 2023. Consumers increasingly store card details on phones or watches and make contactless payments verified by facial or fingerprint recognition instead of using PINs. Adoption is highest among 16–24-year-olds (78%), with 59% of 35–44-year-olds and 19% of those 65+ regularly using mobile payments. Use of physical contactless cards dipped slightly though debit cards remain the most popular payment method. Cash transactions fell below 10% of payments, yet nearly 50 million people still used ATMs. Buy Now Pay Later and mobile wallets grew across older age groups.
Read at www.bbc.com
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