Only one in 12 (8%) people still uses physical cash “all of the time,” a survey suggests.
However, three-quarters (76%) of those who said they favour digital payments said they still carry cash for emergencies.
The survey, commissioned by NatWest, also found that about a third (36%) of cash-users on low incomes said that better protection against fraud would make them more likely to switch from cash to other payment methods.
Cash remains important for many of our customers
Mark Brant, NatWest
Nearly two-fifths (38%) of those questioned by Savanta said they would be likely to use a product that gave them change from cash transactions on a mobile app or card, rather than in coins, for easier spending and saving.
NatWest said it is hosting an industry event on Friday with major retailers and brands, focused on the future of cash.
Mark Brant, chief payments officer at NatWest, said: “Cash remains important for many of our customers, and there’s an important job for us to support those who continue to use cash, as payments and services become increasingly digital.”
More than 2,000 people were questioned across the UK in August and September.