This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-32778196
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
| Version 0 | Version 1 |
|---|---|
| Cashless payments overtake the use of notes and coins | Cashless payments overtake the use of notes and coins |
| (about 11 hours later) | |
| Cashless payments have overtaken the use of notes and coins for the first time, according to the industry body. | Cashless payments have overtaken the use of notes and coins for the first time, according to the industry body. |
| The Payments Council said the use of cash by consumers, businesses and financial organisations fell to 48% of payments last year. | The Payments Council said the use of cash by consumers, businesses and financial organisations fell to 48% of payments last year. |
| The remaining 52% was made up of electronic transactions, ranging from high-value transfers to debit card payments, as well as cheques. | The remaining 52% was made up of electronic transactions, ranging from high-value transfers to debit card payments, as well as cheques. |
| Cash volumes are expected to fall by 30% over the next 10 years. | Cash volumes are expected to fall by 30% over the next 10 years. |
| The Payments Council, which oversees the system of transactions, said that moves towards debit card, contactless and mobile payments would drive the move away from cash. | The Payments Council, which oversees the system of transactions, said that moves towards debit card, contactless and mobile payments would drive the move away from cash. |
| Pub money | Pub money |
| Despite the growth of digital money, cash remained the most common specific payment method among shoppers and businesses in 2014. | Despite the growth of digital money, cash remained the most common specific payment method among shoppers and businesses in 2014. |
| Some 18 billion cash payments were made in the UK in 2014, worth about £250bn. | Some 18 billion cash payments were made in the UK in 2014, worth about £250bn. |
| Debit cards accounted for 24% of payments, followed by direct debits which accounted for 10% of payments. | Debit cards accounted for 24% of payments, followed by direct debits which accounted for 10% of payments. |
| Cash was used in more than eight out of 10 purchases in pubs, clubs, and newsagents last year, but in fewer than three out of 10 in petrol stations. | Cash was used in more than eight out of 10 purchases in pubs, clubs, and newsagents last year, but in fewer than three out of 10 in petrol stations. |
| Ten years ago, numerous payments of under £1 were made in telephone boxes and parking meters but those have dropped sharply. | Ten years ago, numerous payments of under £1 were made in telephone boxes and parking meters but those have dropped sharply. |
| The Payments Council is predicting that among consumers alone, the majority of transactions will be cashless in 2016, partly because younger consumers say they are less reliant on cash. | The Payments Council is predicting that among consumers alone, the majority of transactions will be cashless in 2016, partly because younger consumers say they are less reliant on cash. |
| However, cash will see a significant overhaul in the coming years, with a new 12-sided £1 coin entering circulation in 2017 and plastic £5 and £10 notes being introduced by the Bank of England in 2016 and 2017. | However, cash will see a significant overhaul in the coming years, with a new 12-sided £1 coin entering circulation in 2017 and plastic £5 and £10 notes being introduced by the Bank of England in 2016 and 2017. |
| Bank of England chief cashier Victoria Cleland, whose signature is on new banknotes, said that cash had a long future. | |
| "Since I started the job I am seeing a growing demand. I am seeing a 46% increase of notes in circulation. I think the proportion of cash transactions is coming down, but I'm still seeing a fairly stable value of cash transactions," she told the BBC. | |
| Proportion of cash payments by sector in 2014 | |
| Petrol station: 24.5% | |
| Electrical goods: 33.8% | |
| Supermarkets: 43.8% | |
| Bookshops: 45.5% | |
| Travel and transport: 59% | |
| Charity: 65.9% | |
| Discount stores: 68% | |
| Convenience stores: 78.5% | |
| Pubs and clubs: 83.9% | |
| Newsagents: 84.8% | |
| Source: Payments Council |
Previous version
1
Next version