The volume of Faster Payments transactions increased by 23% in the UK between 2020 and 2021.
In Brief:
The update comes from a Payments Markets report by UK Finance.
The Faster Payments Service in the UK aims to reduce payment times between different banks’ customers’ accounts.
These include contactless payments, which rose by 36% between 2020 and 2021.
What does this mean?
This points to a significant rise in cashless payments, especially debit and credit cards payments. UK Finance predicts that by 2031, cash will account for around 6% of all payments made in the UK if this increase continues.
