Non-cash payments on rise by 2026 in US, UK

Share of consumers using alternative payment mechanismsIn the US sees a 36% increase on 2016’s figure of USD 33 trillion, with 221 million contactless mobile payment users within a decade.

In the UK, this is a 26% increase on 2016’s figure of GBP 1.14 trillion, with 19.1 billion contactless transactions per year within a decade.

The research, conducted in association with the Centre for Economics & Business Research (Cebr) and YouGov, examined current attitudes of businesses and consumers towards alternative payments and their potential use of future payment methods.

In US, 76% of all transactions will be non-cash transactions, up from 63% today, as for UK, 68% of all transactions will be non-cash transactions, up from 55% today.

In US, 82% of businesses will accept alternative payment methods, and in UK, 74% of businesses will accept alternative payment methods.

The research also reveals that 48% of consumers in the US and 53% in the UK consider that a reduced risk of fraud is the feature they would most like to see in alternative payment methods – more than accessibility, customer service or competitive rates of interest.