Consumers are increasingly moving away from cash payments. UK Finance forecasts that cash will account for just 8% of all payments in 2023 compared to 14% last year, while the latest study on the payment attitudes of consumers in the euro area found that cash represented 42% of total transaction value in 2022, down from 47% in 2019.
According to the Federal Reserve’s diary of consumer payment choice report, the share of payments made using cash in the US dropped from 20% in 2021 to 18% last year.
There is nevertheless some evidence that the cost-of-living crisis has encouraged consumers to make more use of cash as a means of controlling their spending.
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