Contactless payment systems (based on near field communication - NFC - for secure mobile payments) were one of the major developments in terms of payment cards technology in recent years. The total number of contactless card transactions on the British market grew rapidly between June 2015 and October 2019, from 81.2 million to 761 million. As of the same month, the total number of contactless credit cards in the United Kingdom amounted to almost 47 million, whereas contactless debit cards were counted at approximately 84.4 million. A 2018 UK survey found that the majority of British consumers preferred to shop where contactless payments were accepted.
In the United Kingdom, cash is no longer king. Now card payments and e-wallet purchases are more commonplace than the traditional methods. In 2018, the two newer methods made up for almost 80 percent of purchases made. For online purchases, cash on delivery made up for less than ten percent of transactions. With cash being used by consumers for less purchases, it makes sense that the number of cash withdrawals being made at ATM’s across the UK has fallen annually since 2012.