UK cash usage has declined by almost 40% from 2019, owing to the COVID-19 crisis, prompting an accelerating use of digital payments. This compares to the European average of 30%. UK cash usage was already in decline; however, coronavirus is accelerating the trend. The COVID-19 pandemic caused disruption inside the payments industry. As cash usage continues to decline, banks and merchants will see accelerated use of digital payments, prompting a shift in their payment revenues.
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