The days of carrying cash on your person are slowly fading with card and mobile payments starting to dominate transactions across the world. We’ve looked at the true value of going cashless and how it’s affected different industries.
Sections
UK Approval/Disapproval of a Cashless Society
| Age | Approve | Disapprove | I don't know |
|---|---|---|---|
| 16 to 24 | 47% | 34% | 19% |
| 25 to 34 | 51% | 36% | 13% |
| 35 to 44 | 39% | 47% | 13% |
| 45 to 54 | 29% | 57% | 13% |
| 55 to 64 | 21% | 67% | 12% |
| 65 and older | 21% | 69% | 10% |
Cashless Payment Revenue By Country
We’ve looked at European countries to see who are adopting a cashless society quicker than others.
Revenue generated with cashless payments in the EU member states from 2013 to 2017 (in trillion euros)
| Year | Revenue in trillion euros |
|---|---|
| 2013 | 261 |
| 2014 | 256.1 |
| 2015 | 277.1 |
| 2016 | 280.8 |
| 2017 | 290 |
| COUNTRY | EU countries with the highest revenue in cashless payments in 2017 (in trillion euros) | Number of debit card transactions in Europe 2017 (millions) |
|---|---|---|
| United Kingdom | 106.7 | 17,173 |
| Germany | 55.8 | 3,284.7 |
| France | 27.2 | 8,335.1 |
| Netherlands | 23.7 | 4,101.2 |
| Poland | 13.4 | 3,480.4 |
| Spain | 11.6 | 2,519.6 |
| Czech Republic | 11.3 | 767.9 |
| Italy | 9.1 | 1,941 |
| Belgium | 6.3 | 1,632.1 |
| Hungary | 4.2 | 579.9 |
| Finland | 3 | 1,492.4 |
| Austria | 3 | 575.7 |
| Ireland | 2.7 | 687.8 |
| Sweden | 2 | 2,778 |
| Luxembourg | 1.8 | 70.7 |
| Portugal | 1.6 | N/A |
| Romania | 1.6 | 402.7 |
| Slovakia | 1.3 | 374.7 |
| Denmark | 1 | 2,053 |
| Greece | 0.8 | 407.3 |
| Bulgaria | 0.4 | 100.6 |
| Latvia | 0.3 | 239.3 |
| Croatia | 0.3 | 188.4 |
| Slovenia | 0.3 | 132.7 |
| Cyprus | 0.3 | 39.2 |
| Estonia | 0.2 | 283.6 |
| Lithuania | 0.2 | 250.5 |
| Malta | 0.2 | 20.5 |
The Value of Cashlessness
Over time, the use of cards for payments has become increasingly popular, but to what extent? We’ve studied the time of change in the cashless world.
| Year | Domestic Transactions (£ Millions) | International Transactions (£ Millions) |
|---|---|---|
| 2006 | 194,592 | 4,985 |
| 2007 | 215,084 | 5,186 |
| 2008 | 233,277 | 5,573 |
| 2009 | 265,846 | 5,551 |
| 2010 | 307,860 | 7,452 |
| 2011 | 339,479 | 9,454 |
| 2012 | 345,040 | 14,521 |
| 2013 | 375,269 | 17,651 |
| 2014 | 407,139 | 25,042 |
| 2015 | 445,530 | 35,819 |
| 2016 | 484,097 | 42,823 |
| 2017 | 505,390 | 40,474 |
Number of Transactions
| Year | Domestic Transactions (Millions) | International Transactions (Millions) |
|---|---|---|
| 2006 | 4,472 | 82 |
| 2007 | 4,759 | 87 |
| 2008 | 5,210 | 88 |
| 2009 | 5,843 | 95 |
| 2010 | 6,357 | 163 |
| 2011 | 7,324 | 255 |
| 2012 | 7,675 | 449 |
| 2013 | 8,293 | 628 |
| 2014 | 9,074 | 977 |
| 2015 | 10,102 | 1,349 |
| 2016 | 11,469 | 1,579 |
| 2017 | 12,602 | 1,507 |
Average Monthly Spend on Card
| Year | Domestic Transactions | International Transactions |
|---|---|---|
| 2006 | £236.00 | £6.10 |
| 2007 | £250.00 | £6.00 |
| 2008 | £255.00 | £6.10 |
| 2009 | £280.00 | £5.80 |
| 2010 | £303.00 | £7.30 |
| 2011 | £328.00 | £9.10 |
| 2012 | £316.00 | £13.30 |
| 2013 | £327.00 | £15.40 |
| 2014 | £352.00 | £21.60 |
| 2015 | £376.00 | £30.20 |
| 2016 | £405.00 | £35.80 |
| 2017 | £422.40 | £33.84 |
Average Transaction Value
| Year | Domestic Transactions | International Transactions |
|---|---|---|
| 2006 | £43.51 | £60.85 |
| 2007 | £45.20 | £59.31 |
| 2008 | £44.78 | £63.09 |
| 2009 | £45.50 | £58.30 |
| 2010 | £48.43 | £45.77 |
| 2011 | £46.35 | £37.05 |
| 2012 | £44.95 | £32.31 |
| 2013 | £45.25 | £28.09 |
| 2014 | £44.87 | £25.64 |
| 2015 | £44.10 | £26.55 |
| 2016 | £42.21 | £27.11 |
| 2017 | £40.12 | £26.83 |
Contactless Payments
Beginning in 2007, contactless payments provide consumers with a fast and easy way to pay. The technology has become hugely popular in recent years and we’ve looked at where these effects have been felt in terms of sectors and regions. Not to mention online payments on ecommerce platforms.
Contactless payment spending increase in the United Kingdom (UK), by category
| Category | Percentage increase in spending |
|---|---|
| Clothing stores | 321% |
| Parking lots | 137% |
| Department stores | 126% |
| Supermarkets | 124% |
| Gift, card & novelty shops | 105% |
| Convenience stores | 101% |
| Hotels, motels & resorts | 96% |
| Hardware stores | 89% |
| Discount stores | 83% |
| Household appliance stores | 61% |
| Pubs and bars | 60% |
| Caterers | 54% |
| Fast food outlets | 52% |
| Restaurants | 47% |
| Drug stores & pharmacies | 44.% |
Percentage of payments received that are contactless
| Category | % of payments that are contactless |
|---|---|
| Public Transport | 91% |
| Bakers and Dairies | 56% |
| Food and Drink | 53% |
| Books, Newspapers, Magazines | 49% |
| Chemists | 45% |
| Supermarkets | 39% |
| Amusement Parks | 39% |
Contactless payment spending increase in the UK by city in 2017
| City | Percentage increase in spending |
|---|---|
| Derby | 45% |
| Chester | 44% |
| Newcastle upon Tyne | 42% |
| Coventry | 42% |
| Stoke on Trent | 41% |
| Exeter | 40% |
| Birmingham | 40% |
| Oxford | 40% |
| Leeds | 39% |
| Ipswich | 39% |
Sources:
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