A new interactive map of the UK which shows the proportion of card and contactless transactions in each city has revealed which cities are leading the transition away from cash.
The interactive map, created by card payment solutions company Paymentsense, details which cities had the most transactions in 2017, and also breaks down the percentage of card and contactless transactions. The use of contactless cards to make payments almost tripled from 2015-2016, and forecasts estimate that by 2026 around 27% of all transactions could utilise the technology.
The new map and the data it provides could serve to offer a valuable insight into the areas in which consumers are moving away from cash transactions, and driving this transition. The top ten UK cities using cards instead of cash were:
- London;
- Birmingham;
- Bristol;
- Brighton;
- Manchester;
- Sheffield;
- Edinburgh;
- Portsmouth;
- Leeds; and
- Oxford.
The data also indicated that while London saw the most card payments, Bristol was the city with the most contactless payments. To accompany the map, Paymentsense undertook a study of 2,000 UK citizens to determine their payment preferences.
What did the data reveal?
The company’s study indicated that more than 80% of UK citizens preferred card and contactless transactions to cash for making payments. In particular, contactless payments were preferred by younger people, with 41% of respondents aged 18-24 saying it was their favourite form of payment.
On the other hand, less than 10% of people aged over 55 said that contactless payment was their favourite method. Further, some 46% of the study’s participants revealed concerns about the security of card payments compared to cash.
What has Paymentsense said about the data?
Guy Moreve, head of marketing at Paymentsense, said that the transition away from cash is well underway in the UK, and that vendors must adopt the technology or risk losing custom.
He elaborated: “As a society, we’re close to becoming cashless, as our asset highlights which UK cities are the most advanced in terms of payment solutions. There are areas of the UK that are adapting to this movement, but others that haven’t made the list need to improve and move with the times. The study further highlights the average person’s diminishing availability of cash.”
