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Gocompare.com comments on non-cash payments overtaking cash payments for the first time

21 May 2015

Matt Sanders, Gocompare.com’s money spokesman, said:

“Cash is king, or so the saying goes, but these new figures show that may not be the case for much longer. Innovations in electronic and automated payments are making it much easier for people to decide how they want to pay for goods and are changing the way we define ‘money’.

“Many find using debit cards an easier way to manage their budgets as there is no need to withdraw cash when paying for goods, and they can simply pay what they owe without having the change burning a hole in their pockets.

Matt added: “App and mobile-based payments, such as PAYM, have also made it easier  for debts to be easily paid off – friends can pay each other back for nights out or meals immediately, for example. The advent of contactless payments now means that providing a signature or even using a pin number to pay for goods with your debit card may seem archaic to some.

“The Payments Council figures also show that the number of people using cash machines continues to grow year on year. So cash isn’t dead – yet. But despite this it’s clear that consumers are starting to prefer the convenience, ease and immediacy that automated payment methods give them.

“It does make me wonder how long it will be until our children point at these funny pieces of paper mounted in picture frames and laugh when we explain to them that that’s how we used to pay for things.”