Cash Now Used for Fewer Than Half of All Payments by Consumers

With cashless payments gaining popularity, cash was used in Britain for fewer than half of all payments by consumers for the first time in 2015. Cash made up 45.1% of payments in 2015, compared with 64% in 2005, and is expected to fall to just a quarter by 2025. As cash will be replaced with payments by contactless cards, consumers need to cautions about spending. Research from Drazen Prelec and Duncan Simester of the Sloan School of Management at MIT shows that consumers spend more money when using a credit cards rather than cash. (theguardian.com)