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The tipping point at which cash will no longer be king is expected to come in 2021, when it is predicted 14.5 billion debit card payments will be made, overtaking the 13 billion cash payments forecast for the first time.
Payments UK's figures include payments made by consumers and businesses.
Some 45.1% of payments made in 2015 were still made in cash.
They're in West Africa, Eastern Europe and it's very difficult for British law enforcement to take action against them in those jurisdictions,” Steve Profitt, Deputy Head of Action Fraud explains.Nine out of 10 UK adults already have a debit card, and six in 10 have a credit card, according to Payments UK.Despite the declining popularity of cheques in recent years, Payments UK still expects 237 million cheque payments to be made in 2025, down from 546 million in 2015.The technology enables customers to pay for goods with a single tap of their card on a reader, without the need to provide a signature or enter their Pin.
The range of places where contactless payments are accepted includes Aldi, Barnardo's, Greggs, Mc Donald's, the M6 Toll, London Buses, London Tubes and the Post Office.
A new report by the National Fraud Intelligence Bureau has found that last year, singles were conned out of £39 million by fraudsters they’d met on dating sites and apps.