Young people have fuelled its rise but the use of buy now, pay later is exploding among older people, with uptake among 55- to 64-year-olds more than doubling in a year, UK data shows.
The shift to digital payments is also continuing apace, with more than half of UK adults now using mobile wallets such as Apple Pay and Google Pay, mobile banking becoming the main way people access their accounts, and cash falling below 10% of all payments for the first time.
In its latest annual report on the UK payments market, the banking body UK Finance said almost a third of adults were living largely cashless lives in 2024 – prompting the cash machine network Link to warn: “We must not
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