Having surveyed more than 3,000 adults, the poll found that an approximate of two-thirds (63%) of the respondent population uses cash for a minimum of five times on a monthly basis, second only to debit cards, which are used more than five times a month by three-quarters (75%) of British people. In comparison to digital wallets of the likes of Apple Pay and Google Pay, cash is significantly more widely spread, with the usage of the former payment methods accounting for 17% and 10% respectively at the same frequency.
When it comes to small ticket purchases for retail or services of the likes of groceries, clothing, transport, the most popular in-person payment methods were cash (33%) and debit cards (36%), as opposed to digital wallets, which were used by less than one in 10 (6%). For big ticket purchases such as appliances, technology, travel, respondents displayed a preference for credit cards (41%) and debit cards (38%).
Furthermore, UK-based consumers have been shown as being amongst the world’s top ‘tappers’, with over four in five (83%) tapping to pay when using their debit cards, a significantly increased usage when compared with the 58% global average or the 26% one in the US; Australia is the only market that comes close to the UK from this perspective, with the region having the same 83% tap to pay usage preference.
Furthermore, when it comes to future expectations, over a third of UK-based consumers (36%) believe that biometrics will be widely used by 2025. When it comes to using it as their primary in-person payment method, 7% have stated that they are willing to do so should it be available by 2025, translating that an estimate of GBP 95 billion of UK payments is to move to biometrics by 2025.
Additionally, the research highlights that consumer’s payment choices are influenced by external macroeconomic factors, with people looking to reduce debt interest by switching to other payment methods, as considered by two in ten credit card users. More than 60% of the respondents are also looking into ways to reduce interest payments through means of non-interest payment options of the likes of debit cards and cash.
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