Subway in Frome is already a cashless store
The end of cash is nigh.
That's the prediction of a new report today (June 16) into how many people are still using coins and notes to pay in the UK.
UK Finance data showed that shoppers who used cash fell by 35% in 2020, accounting for just one in six transactions, compared to more than 50 per cent a decade ago. According to the data, 13.7 million people in the UK no longer carry cash, with the number of contactless payments accounting for more than a quarter (27%) of all payments.
Back in April 2020, due to the coronavirus pandemic, the upper limit on contactless payments increased from £30 to £45.
In March 2021 the Financial Conduct Authority (FCA) confirmed that this limit will increase even further to £100.
It announced changes to its rules which will allow a single transaction contactless payment threshold of £100 and a a contactless threshold for multiple transactions, going up from £130 to £300. It is not yet clear when those will come into force.
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