For the first time cash transactions have been overtaken by electronic payments in the UK. Regulators are watching to make sure further innovation doesn't put the system at risk. Cash will continue to be a vital to day-to-day life.
It marks the first time that debit cards, contactless and other “non-cash” payments have collectively overtaken notes and coins, reflecting the shift towards automated transactions and digital services. A surge in debit card usage and an increase in the number of contactless cards to pay for travel on London Underground have spurred the rise in non-cash transactions in the past year.