Posted 12/7/2023, 8:02:13 AM
Cash Use Rises for First Time in 10 Years as Households Grapple with Cost of Living Crunch
- Cash usage increased for the first time in a decade, accounting for 19% of transactions in 2022
- Rise reflects households balancing budgets amid cost of living crisis and a natural return after contactless boom in pandemic
- Card payments still dominant at 76% of transactions; debit cards account for most
- Alternative payments like buy now, pay later rose from 2% to 5% of transactions
- Number of transactions increased while average transaction value fell as people make smaller, more frequent purchases