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RIP cash: Cashless payments overtake the use of notes

CASHLESS ON THE RISE: Customers are using cards, smartphones, online banking and contactless payments rather than notes and coins

SO IT'S official - cash is dying. Okay it's not really, but for the first time ever, cashless payment has overtaken hard cash.

The UK Payments Council reports that 52 per cent of transactions were made with notes and coins in 2014, but says it believes the figure will fall below 50 percent for 2015, reported Wired.

The Council, which oversees the system of transactions, said that moves towards debit card, contactless and mobile payments would drive the move away from cash.

The Council said that debit cards alone count for 24 per cent of all transactions, but that cash does remain the most popular form of payment.

"This is the first time that 'non-cash' payments have exceeded those made with cash, reflecting the steady trend to use automated payment methods and debit cards rather than pay by notes and coins," the report said.

"Despite the shift, cash remains the most popular way to pay among consumers."

The report added that cash machines reached a new peak in 2014 with 69,382 machines, including 50,506 free-to-use ATMs. It said that around 91 per cent used a cash machine at least once a month.

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