You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.

Report finds decline in the use of cash is easing

Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased.

A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the UK.

In 2021 there were 23.1 million consumers who used cash as a form of payment just once a month or not at all. At the same time, there were 1.1 million consumers who mainly used cash when doing their day-to-day shopping.

Debit cards proved to be the most popular form of payment method, making up 48% of all payments.

Adrian Buckle, Head of Research at UK Finance, said:

'In 2021 we saw the total number of payments return to pre-pandemic levels and a return towards the long-run trends in payment method usage.

'Contactless continued to be popular, accounting for almost a third of all payments. Cash usage fell slightly, although remained the second most commonly used payment method.'

Internet link: UK Finance website

About us

Arthur G Mead Ltd was established in 1929

Arthur G Mead is an independent firm of chartered accountants and business advisors based in Central London...

Contact details

020 7387 6046

Arthur G Mead Ltd, 4th Floor, Fitzrovia House, 153-157 Cleveland Street, London W1T 6QW

Arthur G Mead Ltd, Registered in England and Wales. Registered Office 4th Floor, Fitzrovia House 153-157 Cleveland Street, London W1T 6QW. Company Number 04982444.
Registered to carry out audit work in the UK (Audit Registration Number C002822507).

© 2026 Arthur G Mead Ltd. All rights reserved. We use cookies on this website, you can find more information about cookies here. powered by totalSOLUTION