A record 44 billion payments will be made in the UK in 2024, analysis by Payment UK predicts. Increases in bank card, internet and mobile banking payments have been key factors in the rise, equating to 120 million payments a day.
There were 777 million transaction payments in 2014 and this is expected to rise to 1.94 billion in the next 10 years. Direct debits are projected to reach 4.2 billion.
Card payment volumes are predicted to rise by 66% over the coming decade. The increase in consumer use of debit card payments has been linked to the spread of contactless cards and mobile internet banking. This represents 26% of consumer payment volumes, with projections set to double by 2024 to 42%.
Payment UK’s Forecasts also point towards:
cash payments decreasing from 345 million to 225 million by 2024
debit card payments increasing from 172 to 282 million by 2024.
Both debit and credit cards accounted for 51% of non-cash payments made last year with the percentage set to increase to 60% over the next decade. Debit card purchases are set to rise from 9.2 billion to 16 billion by 2024.
Cash payments are set to decline to 12.6 million in 2024, compared to 18.1 million last year. Total value cash spent by consumers is forecast to fall from 253 billion to 238 billion.