Cash is not king
In Britain, the future is increasingly cashless. Growth in tap-and-go payments barreled ahead in 2023, according to an annual report by Barclays, a London-based bank.
Contactless payment use is zooming ahead thanks to the technology’s speed and convenience, the report says. That’s cementing its position as the U.K.’S most popular payment method and leaving other transaction types, including cash, further behind.
The tap-and-go payment trend has been accelerating globally, fueled by the coronavirus pandemic. It also got a boost in late 2021 when financial authorities raised the maximum for touchless spending to 100 pounds ($128) from 45 pounds.
Wireless chips in bank cards allow users to touch them against payment readers in shops and on subway turnstiles.
Meanwhile, wireless payment technology on mobile phones also is increasingly popular: Barclays says one in five people regularly leaves their wallet at home when they go out shopping.