Half of all payments made with debit card, while cash payments rise for first time in 10 years

UK Finance has released its latest Payment Markets Report which shows payments trends across 2022 and forecasts to 2032.

Read the full Press Release here.

Read the BBC report on the spike in cash use here.

Key findings for 2022:

• Total number of payments increased to 45.7 billion, up from 40.4 billion in 2021.

• For the first time, half of all payments (50 per cent) in the UK were made using debit cards.

• The number of cash payments increased to 6.4 billion payments (6 billion in 2021) although the proportion of payments made using cash fell slightly from 15 per cent to 14 per cent.

• The number of contactless payments increased by 30 per cent to 17 billion.

• Nearly a third of adults are registered for at least one mobile payment service, while 86 per cent of adults used a form of remote banking.

• Continued growth in the use of Faster Payments by both consumers and businesses.