Overview

• UK Finance reports cash accounted for 9% of payments in 2024, down from 12% in 2023, marking the first time it has dipped below 10%.
• Mobile payments crossed a milestone with 57% of adults registered for wallets and 50% using mobile contactless monthly, while 75% used mobile banking to access accounts.
• Debit cards remained dominant at 54% of all payments, equating to 26.1 billion transactions versus 4.4 billion in cash, as total UK payments reached 48.6 billion.
• Buy now, pay later usage rose to 25% of adults, with uptake among 55–64-year-olds more than doubling to 21%; average BNPL purchases were £114 and fashion accounted for 46% of spend.
• Access concerns persist as about 16.9 million adults used cash once a month or less and 1.2 million mainly used it; Link and Cash Access UK highlight the need for protections as the Bank of England advances its National Payments Vision and the FCA moves to regulate BNPL.