Research from UK ATM network Link reveals that fewer than half of UK adults carry a physical wallet as part of their daily routine.
The report indicates that individuals aged 45 and older prefer physical debit cards, while those aged 18 to 44 lean towards digital wallets. Despite the growing trend of digital payments, over half (51%) of respondents reported using cash within the past week.
Link’s figures show a decline in ATM usage, with £80 billion withdrawn in 2024—approximately £1,250 per UK adult. However, concerns are rising about the increasing reliance on digital payment systems, as two-thirds of the surveyed population have experienced disruptions in payments due to outages.
Adrian Roberts, deputy CEO of Link, stated: “Reliance on digital payments can offer great convenience but also presents risks. Consumers have expressed a lack of confidence in the reliability of digital payments, so it’s crucial to preserve cash as a payment method while efforts are made to enhance resilience and inclusivity.”
Worldpay’s Global Payments Report highlights resistance towards a cashless society, projecting that cash will represent 8% of point-of-sale spending in the UK by 2030. James Fry, head of enterprise product at Worldpay, commented: “While cash usage has declined significantly over the past decade, dropping from 32% of point-of-sale transaction value in 2014 to just 10% in 2024, this decline has slowed notably since the pandemic.
“Although digital payments are the present and the future, cash will remain essential and should be incorporated into businesses’ payment offerings to balance innovation with customer equity and choice.”