Contactless payments continue to outweigh cash spending

The popularity of contactless payments rose in the UK last year, while the use of cash continued to decline.

Just 4% of Briton's use physical cash for their payments, according to new data from banking trade association UK Finance, while contactless payments grew 31% year-on-year, with London leading the UK at 70%.

Over 83% of 25 to 34-year-olds used contactless cards in 2018, while 61% of over-65s also turned to their cards first.

The percentage of Britons paying via their mobile phones also rose significantly, as the number of adults in the UK registering for services such as Apple Pay or Google Pay climbed to 16% in 2018 from 10% in 2017.

UK Finance's report also revealed that roughly 10% of the UK – about 5.4m people – used cash just once a month on average, down from the 3.4m recorded in the association's 2017 study.

The tech advances didn't stop there either, as 72% of Brits switched to internet banking and 48% turning to mobile banking as their primary tool.

Chief executive of UK Finance Stephen Jones said: "The same pick 'n' mix approach people now take when it comes to music, television or the news is expanding into payments, as consumers take advantage of new technologies to pay in a way that suits them.

"More and more customers are now opting for the speed and convenience of paying with their contactless cards, or using mobile banking to check their balances and make transfers while on the move."