Payment Methods

• What is the trend in cash payments in the UK from 2008 to 2028?

  Cash payments are declining significantly
• What percentage of payments in the UK were made in cash in 2008?

  60%
• What is the estimated percentage of cash payments in the UK by 2028?

  9%
• What payment method overtook cash in 2017?

  Debit cards
• What is Chip and Pin?

  A secure payment method using a PIN
• When was contactless payment introduced in the UK?

  2007
• What is the maximum amount for contactless payments?

  £30
• How do smartphones facilitate contactless payments?

  By storing card details for instant payments
• What are the key features of Chip and Pin payments?

  • Uses a debit or credit card with a chip
  • Requires a personal identification number (PIN)
  • More secure than previous methods
• What are the advantages of contactless payments?

  • Quick and convenient transactions
  • No need for cash or physical cards
  • Popular for small purchases (£30 or less)
• How has payment technology evolved in recent years?

  • Decline in cash usage
  • Rise of debit and contactless payments
  • Introduction of mobile payment options