New analysis of the billions of payments processed by Worldpay has revealed that debit cards remain the UK’s preferred payment method, representing 32% of all ecommerce transactions and 55% of in-store payments.
The report by online marketplace OnBuy.com also predicted that by 2022, almost half of all global ecommerce transactions will be made using an eWallet, increasing from 36% in 2018.
The analysis did however confirm that cash is still popular when purchasing in-person at 22%.
The report said: “While the predictions of a cashless future won’t come true anytime soon, the use of cash is very much on the decline globally. It is predicted that by 2026 the use of cash will drop to 21%, with the use of eWallets growing globally at a compound annual growth rate of just over 30%.”
In-store, the picture is very different with debit cards still the most prevalent payment method at 55%, cash at 22%, credit cards at 15%, eWallets at just 5% and charge cards at a mere 2%.
The sectors showing the most dramatic shifts in payment methods from in-person to ecommerce include Clothing & Footwear (+22%) and Entertainment (+10%). Grocery has shifted by the much smaller amount of +3%.