Research from UK ATM network Link reveals that fewer than half of UK adults carry a physical wallet as part of their day to day routine.
The report indicates that people aged 45-plus have a preference for physical debit cards, while people aged 18 to 44 were more likely to favour digital wallets. However, despite digital payments being the default option for some people, more than half (51%) of those surveyed said they had used cash in the past week.
Figures from Link show that although ATM use is declining, £80 billion was withdrawn in 2024 - about £1,250 per UK adult.
Nonetheless, Link has expressed concerns over a growing dependence on digital payment systems, noting that two-thirds of the sample have already experienced payments disruption caused by outages.
Adrian Roberts, Link deputy CEO, comments: "Reliance on digital payments can bring great convenience but they can also bring risk. Consumers have told us that they're not yet confident in the reliability of digital payments so it is important that we protect cash as a payment system while important work takes place to improve resilience and inclusivity."
Worldpay’s latest Global Payments Report uncovered clear resistance towards a cashless society, with cash expected to account for 8% of point-of-sale spend in the UK by 2030.
James Fry, head of enterprise product at Worldpay, says: "Despite a significant decline in cash usage over the past decade, falling from 32% of point-of-sale transaction value in the UK in 2014 to just 10% in 2024, its decline has slowed dramatically since the pandemic.
“While digital payments are both the present and the future, cash will remain a mainstay and should be considered by businesses as part of their payments offering to strike the balance between embracing innovation and ensuring equity and choice for broader customer needs.”