Digital takeover as mobile payments continue to rise

Half of UK adults now use mobile wallets as cash falls below 10% of payments

- 

Half of UK adults used mobile contactless payments regularly last year, while cash accounted for less than 10% of payments for the first time, according to a banking and finance industry body.

Cash made up 9% of payments in 2024, down from 23% in 2019 and 48% in 2014, UK Finance said.

Its report said that more people are using their phones, watches or other mobile devices to manage money and make purchases, with 57% of adults being registered to use mobile wallets last year, up from 42% in 2023.

The report said: "In terms of the total population, 50% were using mobile contactless payments at least once a month in 2024. It is the first time that regular mobile payment users reached half of the adult population in the UK."

Younger people are leading the way in this adoption, but there is already significant use among older age groups, the UK Payment Markets 2025 report said.

It said: "Similar to most new technological innovations, UK Finance market research found that younger people are more likely than older people to use mobile payment services such as Apple Pay or Google Pay.