2020 catapulted payments years ahead of projections

Source: Worldpay

Worldpay have just published their annual global payments report. 

The report promises an in-depth look at how consumers are paying from Argentina to Vietnam and which methods are set to take the world by storm. 

Worldpay promise as insight you can’t find anywhere else!

Download: Worldpay annual global payments report.

Global cash use at Point of Sale

The use of cash at Point of Sale is depicted by Worldpay with the following graphic:

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Source: Worldpay

Worldpay report a global drop in the use of cash at Point of Sale from 30% to 20% in just one year and suggest that by 2024 the use of cash at Point of Sale will be approaching 10%.

Cash use in the UK

Against the global backdrop of cash use at Point of Sale the UK’s transition to a digital (payments) society is having a direct impact on the use of cash in the UK. 

Each week we publish an ATM Tracker that monitors the acquisition of cash via the UK’s ATM network operated under the LINK scheme.

Key observations for the week ending 7 March:

  • Last week ATM transactions decreased by 0.6 million (when compared to the previous week). 
  • Last week’s ATM transactions were 18.5 million less than the equivalent week in 2020. 
  • With the impact from Lockdown 3.0 continuing, weekly ATM use has reduced by 42% (compared to the equivalent week in 2020). 

More:  ATM Tracker