New research released this week has revealed that just 18 per cent of consumer transactions are cash, with the number of digital transactions soaring over the last few years.
Compiled by Halifax, the research shows that cash makes up just £18.33 of every £100 spent by consumers. Smartphone usage has powered the change, and mobile transactions are expected to grow from £9.7bn this year to £53.6bn by 2024.
Dan Wagner, e-commerce expert and founder and CEO of Powa Technologies, commented: “Halifax’s revelation that just 18 per cent of all transactions use cash today demonstrates how quickly consumers are adapting their habits to match rapidly developing technology such as mobile transactions. Withdrawing and carrying cash is becoming increasingly less appealing as digital options advance, and the figures also display a broader change in consumer behaviour.
“Smartphones have become a dominant force in almost every aspect of our lives, especially when it comes to commercial transactions. The latest figures reflect modern consumers who browse and transact on their own terms, whether at home, in-store or on the move, using their smartphone as the tool of choice. Retailers are under increasingly high pressure to respond to rapidly changing consumer behaviour driven by mobile technology.”