How technology has created a “pick ‘n’ mix” attitude towards payments

Technology is radically changing the way we pay for things.

The rise of online banking, contactless cards and mobile payment services means today one in 10 of us leads a largely cashless existence.

A new report from UK Finance, the trade body, predicts cash will account for just 10% of transactions in a decade’s time.

This is because we are increasingly taking a “pick ‘n’ mix” approach to payments, it says. Just as technology has changed the way we listen to music or read the news, it is giving us a choice about how we want to pay for things.

Nevertheless, many of us still value cash as a method of managing our day-to-day finances – and this is expected to continue into the future. However, the direction of travel is clear.

To see the other key findings of UK Finance’s report, click here.