Mobile Payments Grow While Cash Use Slows

New data shows that mobile payments are becoming increasingly common in the UK, with two-thirds of adults registered with at least one mobile payment service. Despite a decline, cash remains a significant payment method, accounting for 8% of transactions last year, and is expected to remain important for some consumers in the future. Contactless debit cards and digital wallets are now the primary payment methods, especially among younger users, but cash withdrawals are still used by millions, particularly those on lower incomes.

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