More than half of adults in the UK use mobile wallets, since the older generations are increasingly accepting the technology, and cash payments fall below 10% of the total amount of payments made in the UK.
In its last report, which contains the progress of digital finance due to traditional methods, Banking Industry Body Finance said that it expects that the money will fall to 4% of payments and checks up to 0.1%.
His heading showed that 57% of adults in the UK used mobile wallets on their smartphones to pay in 2024, compared with 42% in 2023. Mobile wallets are applications that allow customers to make payments using their mobile phones.
Three quarters of adults also used banking applications based on smartphones to access their accounts last year, for the first time overtaking banking services of desktop computers.
Great Britain Finance They also reported a reduction in the use of funds, which accounted for less than 10% of 48.6 billion payments made in 2024. About 1.2 million people relied mainly on cash for daily expenses last year, compared with 1.5 million in 2023.
Adrian Bakl, head of the research department in the UK, described 2024 as the year of the first. “More than half of adults in the UK used mobile wallets, mobile banking overtook the desktop computer as the main way to gain access to their accounts, and money fell below 10% of all payments,” he said.
Bakl added that mobile wallets are also accepted in older age groups, emphasizing “how digital payments become more and more basic in all directions.”
In 2024, non -contact payments accounted for 39% of all payments compared to 3% in 2015 and 21% in 2019. Great Britain Finance expects that contactless payments make up 43% of all payments in the UK by 2034.
The body of the banking industry said Mobile wallets replace contactless cards For many payments, when users become convertible.
“Users who are registered with a mobile wallet service quickly become frequent users, and where contactless payments for cards replaced the fact that once there was a low cost of cash payments, now contactless mobile payments replace non-contact payments initiated using a physical card,” the UK financial report said.
Young people still lead the use of mobile wallets, and 88% of children aged 16 to 24 used them in 2024, although between 2023 and 2024 the increase in the cost of costs by 65 and older than the age group increased, while registration of 14% increases.
Fintechs, offering the purchase, now pay later (BNPL) services also saw an increase in adoption, when in 2024 they were used by a quarter of adults in the UK, compared with 14% in 2023.
A Pandemic Covid-19 spurred the capture Digital banking methods such as non -contact and use of mobile wallets. When the pandemic has taken possession, people were ordered to limit physical contact, including a reduction in the use of cash. Contactly payment technologyAs the name follows, it was an ideal replacement of cash, because, unlike payment applications for mobile phones, most people have already used payment cards. This led to the fact that groups of people such as elderly people, usually slowly using the latest technologies to raise it.
