Cash stages comeback in the UK

A report published by the UK Payments Council reveals that over half (54%) of all payments in the UK are made by cash.

A report published by the UK Payments Council reveals that over half (54%) of all payments in the UK are made by cash.

The data shows cash use in the UK increased last year, breaking the trend of falling cash volumes over the last decade. Consumers and businesses made £20.8bn ($32.3bn) cash payments in 2012, up from £20.6bn made in 2011.

This lean towards cash is possibly to help consumers monitor the amount they spend on a day-to-day basis, says the Payments Council in the report.

7.2m adults made all of their day-to-day purchases by cash in 2012; an increase of around 700,000 since 2011.

The number of cash machines has also risen, reaching an all time high of 66,134, with an average amount of £66 withdrawn per transaction.

Head of cash at the Payments Council David Hensley said: "Cash is still a vital part of our day-to-day lives, and more than half of all our payments are in cash, reflecting its easy use and its wide acceptance."

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