Electronic payments outstripped cash for the first time on Sunday, while the total value of automated credit transactions dwarfed cash by a factor of 250:1 in 2014.
This matches predictions by the Payments Council that the switch would finally happen in the UK in 2015.
That said, these figures include the payment behaviours of large corporations, which typically make numerous high-value transactions and very rarely touch cash. This includes payments made through the CHAPS system operated by the Bank of England and used by big companies and financial institutions.
If these are taken out of the equation, cashless payments will probably not take the lead in terms of numbers until 2017. However, even in the retail sector, while people make more individual payments using cash, the value of cashless payments is far higher, with card payments accounting for over three-quarters of retail sales income.
By 2023, it is believed that cash transactions will fall to just 13 billion, while cashless alternatives – including cards, standing orders and other electronic payments – will grow to 27 billion.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Just 31% of Brits know who's on the back of the new £5 polymer banknote, says new research from Barclaycard, which also found that the number of cash users continues to drop as people prefer using more digital methods of payments.
Nine out of ten consumers use their smartphones more than any other device, and consumers would also prefer to use biometrics over PINs - with fingerprints being the preferred method, according to a new Mastercard survey.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.