Cash continues to be a significant payment method in the UK. Cash transactions amounted to over £253bn in 2015, making cash the largest payment method by volume. 57% of spontaneous consumer purchases were made by cash last year.1
While these figures are expected to decline somewhat in the coming years, it is likely that cash will still continue to be a significant payment method. The UK Payment Statistics 2016 report by Payments UK forecasts that in 2025, cash transactions will still account for £152bn, or 31% by volume.
With cash still being used by a lot of us, companies need to understand the impact that the new £1 coin will have on their businesses and the steps that they should take to prepare.
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1UK Payment Statistics 2016
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