On the agenda…

The way the UK spends its money is continuing to change. For years, if not decades at this point, people have bemoaned the fall of cash and the increasingly cashless society most Britons operate in. But it’s not just contactless debit cards that have grown in importance, there’s been a marked increase in customers using their phones.

Fresh data from UK Finance’s Payment Markets Report 2024 shows over half of UK adults (57%) are now using mobile wallets, with BBC data revealing the past year was the first time 50% of adults used mobile payments at least once a month (up from 34% in 2023). The change is even more pronounced among younger generations, with 78% of 16 to 24-year-olds regularly using mobile payments last year.