Cash Payments on the Rise for First Time in a Decade

Cash could be making a comeback consumers keen to keep tabs on what they’re spending.

UK inflation will peak at more than 10 percent later this year, the OECD said Dominic Lipinski/PA

Last year marked a comeback for payments made in cash, despite the long-running trend of decline in notes and coins payments.

Cash was used in 6.4 billion transactions made in 2022, compared to 6 billion in 2021. Part of the reason is that consumers turned to cash, to keep tabs on what they were spending at a time of high inflation pressures.