The number of transactions using cash is expected to decline from 21 billion in 2012 to 14 billion in 2022, the Payments Council said. Meanwhile, the use of consumer cards is set to rise from 10 billion to 17 billion, driven by the growing use of e-commerce as well as contactless cards at shop counters, it is predicted.
Mobile payments are also expected to increase with the introduction of new technology to make account-to-account transfers using only a phone number and the use of mobile device apps.
However, the staying power of supposedly obsolete forms of payment is illustrated by the use of the cheque, with reports of its demise proving exaggerated.
They are forecast to be used in 341 million transactions in 2022.