Cash is no longer King!

The Payments Council – who monitor these statistics carefully – have published figures showing that the number of cash transactions made by consumers and businesses in the UK fell to 48% last year, down almost 8% from 52% in 2013. It marks the first time that debit cards, contactless and “other” non cash (digital) payments have collectively overtaken notes and coins. The number of cash payments was 18.3bn in 2014, while non-cash methods reached 19.8bn. The Payments Council expects cash to continue its decline – dropping to 30% of transactions within 9 years from now. We all know that people are just not carrying the pocket full of change that they used to – so – Vending Operators with a fleet full of coin mechanisms – take note (no pun intended!) – the times (and the payment methods) they are a changing!

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