Britons shun cash in favour of ‘tap and go’

NEARLY one in 10 Britons no longer carry loose change in their wallet regularly as “tap and go” contactless payments grow in popularity, a survey has found.

The research, carried out for Nationwide Current Accounts, also showed that almost one-fifth of people only make withdrawals at cash machines once a month.

A recent report from Payments UK predicted that debit cards are set to overtake cash to be the UK’s most frequently used payment method by 2021.

In September last year, the transaction limit for making a single payment using a contactless card was increased by £10 to £30.

But, despite new ways to pay, Nationwide’s survey also found that cash is often still the best option in some situations.

One in three people said they have had to pay with cash on occasion because cards were not accepted or technology was not working.

Researchers also found that women are more likely to carry reward cards, money off vouchers, receipts and stamps in their purse or wallet than men.

More than one-third of people surveyed said they carry two bank cards in their purse or wallet, while one in nine carry four cards or more.

Some two per cent of people said they carry their PIN numbers with them, which could make them an easier target for fraudsters if these numbers and their corresponding cards are being kept together.

The most common item to be kept in a purse or wallet is a loyalty or reward card, with almost three-quarters of people holding these.

Around 57 per cent of people surveyed said they keep their driving licence with them, while library cards were kept by 30 per cent of respondents and rail or bus passes were kept by 23 per cent.

Only one in five people said they keep a donor card in their purse or wallet, compared with 41 per cent who keep money-off vouchers.