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In the United Kingdom, almost half (48%) of adults used mobile banking in 2018, up from 41% the previous year, while 5.4 million consumers chose not to. use money at all, according to a new industry report.
UK Finance, the professional badociation for banking and financial services in the United Kingdom, said online or mobile banking accounted for two billion bank payments last year, up from 1.6 billion in 2017.
In addition, one in 16 British adults (16%), or about 8.5 million people, are now registered for mobile payment services, such as Apple Pay and Google Pay, an eight-fold increase since 2016.
"While digital technology has allowed people to customize the way they listen to music or read news, it is transforming the world of payments as consumers take advantage of the ever-widening range of payment choices available to consumers. meet their needs and lifestyle. , Said the report.
In total, 39.3 billion payments were made in the UK in 2018, with 85% of the total going to unsolicited purchases and the remaining 15% to regular invoices and other commitments.
The UK's Payment Markets Report also revealed that debit cards were the most used means of payment last year, after surpbading cash in 2017 and accounting for nearly 40% of all payments.
It is not surprising that younger consumers have embraced the convenience of debit and contactless payments, but it is interesting to note that the UK Department of Finance has indicated that this growing trend is also attracting older consumers.
About three-fifths (61%) of consumers over the age of 65 made contactless payments last year, up from 50% in 2017, compared to 69% in the UK.
Cash payment, the second most frequently used form of payment, has been used in 28% of payments in 2018, but overall, cash payments have decreased by 16% and are expected to decline further to 10% of all payments over the next ten years.
"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 when they are on the go," said Stephen Jones, chief executive of UK Finance.
"This rapid pace of technological change is expected to continue over the next decade, as people adopt an increasing number of ways to pay and manage their finances, according to their needs and lifestyle," she said. he added.
From UK Finance; additional content by ARM staff
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