UK becomes third most cashless society in the world

The UK has been named the third most cashless society across the globe.

Research found that 52 per cent of all consumer transactions in the UK were carried out without cash, a 15% growth over the past five years.

UK shoppers are embracing a cashless society, as 41 per cent of all debit and credit cards in issue now have contactless functionality.

The trend for new contactless technology is growing too, just under half of those surveyed are aware of available mobile payment services.

Britain was narrowly beaten to the top spots by Canada and Sweden, who were found to be slightly further ahead in their move toward a cashless society. Although both countries made more cashless payments than the UK, their adoption of contactless cards was not as high.

The rankings to determine the most cashless society were determined by six different metrics:

  • Number of credit cards per person
  • Number of debit cards per person
  • Number of contactless-enabled cards
  • Growth of cashless society over the past five years
  • Transactions made using cashless methods
  • Number of people who are aware of mobile payment options

As the UK moves closer towards becoming a cashless society, it’s vital that businesses evolve. Being able to accept a wide range of payments from your customers makes sure that your business doesn’t miss out on sales.

Handepay customer, Cliff Frost, decided that his business needed a card machine to keep up with his customer’s payment methods.

“I thought that a card terminal would be expensive and difficult to use. However, increasing numbers of customers were asking to pay by card and I was concerned about losing business.

Since getting our Handepay card terminal, we’ve actually gained a few new customers, and I think that will increase sales around Christmas!”

Accepting cashless payments doesn’t have to be difficult or expensive! All of Handepay’s low cost card terminals are equipped with the latest technology and accept contactless payments, including Apple Pay and Android Pay as standard.

To find out how you can be ready for a cashless society with the latest payment technology, get in touch with one of our friendly advisors today!

Financial disclaimer:

Terminal hire contracts are provided by Merchant Rentals Limited, who is authorised and regulated in the UK by the Financial Conduct Authority (FCA) for Consumer Hire under FRN 720500. Terminal hire can be for consumer hire and non-regulated hire contracts. Please check your contract carefully for details. Regulation of all consumer hire fall under the control of the FCA.

Handepay Ltd is authorised and regulated by the FCA for Consumer Credit under FRN 673564. Handepay is a credit broker for consumer hire not a lender.

Handepay acts as an introducer of card acquiring services on behalf of EVO Payments UK, the card acquiring service provider. EVO Payments UK is the trading name of EVO Payments UK Ltd, a payment institution that is authorised and regulated by the Financial Conduct Authority (FRN number 959332).

Existing Cards Businesses- The one-month rolling terminal hire contract from Merchant Rentals is only available to businesses that are switching from their current acquirer to EVO Payments UK arranged through Handepay.

New to Cards Businesses- The 12-month terminal hire contract from Merchant Rentals is only available to businesses that are new to card payments and wish to receive acquiring services from EVO Payments UK, arranged through Handepay.

The Next Day Banking Settlement service provided by EVO Payments UK incurs an additional fee of £4 a month on top of your acquiring service charges and fees. Provided your card machine performs a reconciliation before 12am (midnight), you’ll receive settlement of funds the next banking day.

Editorial disclaimer:

The information we provide does not constitute financial advice and might not apply to your business. Always carry out research into your business’ needs when choosing a new merchant services provider.

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All of the information contained on this website, including fees, services and functionality, are correct at time of publishing. E&OE.