Cash at 9%: Why the Headline Number Tells Half the Story
UK Finance publish the not to be missed publication of the year
Cash at 9%: Why the Headline Number Tells Half the Story
UK Finance publish the not to be missed publication of the year
In 2024, cash payments in the UK fell to just 9% of total transactions, dipping below the double-digit threshold for the first time. But as David Fagleman from Enryo Consulting explains, that headline number only tells half the story. While digital payments continue to grow, more people are actually using ATMs, fewer adults are going fully cashless, and millions still rely on cash for everyday purchases, peer-to-peer payments, and emergencies. At the same time, the total value of notes in circulation keeps rising — showing that cash remains an important part of the financial ecosystem, even as its visible use declines.
Public opinion strongly supports keeping cash available, with nearly 9 in 10 adults saying it’s vital to retain the option. As the UK moves toward a more digital future, the discussion isn’t just about how often we use cash, but why we still need it. To understand the full picture — and what the future of cash really looks like — click here to read the full article from David Fagleman.
Brad Pitt, Bitcoin & Banter
Here’s a sneak preview of the next episode of Sixty Seconds - you’ll have to wait until 8pm on the 3 November to see all the action from Zhenya, Winter, Laura McCracken and Teresa Connors.
Much Ado About Payments
This week’s Much Ado About Payments features Laura’s surprising story of helping Brad Pitt, Richard’s argument for fully embracing ISO 20022, and Claire’s celebration of the first anniversary of the UK’s APP fraud reimbursement framework. Plus, Richard explains why every company should have a payments champion.
It’s another lively week in the world of payments!
Netwalking in The City
Join Payments:Unpacked for its first-ever Netwalking event — a fresh twist on networking that swaps conference rooms for a walk through the historic streets of The City of London.
Taking place at 5pm on Tuesday 25 November 2025, this relaxed meetup combines great conversations, fresh air, and fascinating micro-stories from Mike’s payments career — from Barings Bank and Nick Leeson to IRA bombs and bearer bond heists.
The walk concludes at The Jam Pot, where attendees can toast new connections over a drink. Free for paying subscribers to Payments:Unpacked and just £10 for everyone else, it’s networking with a difference — come walk, talk, and connect!
Inside the UK’s Landmark Policy to Protect Consumers from Payment Fraud
A year after the UK introduced its world-leading Authorised Push Payment (APP) Scam Reimbursement protections, PU.TV takes a closer look at how far the country has come in tackling one of the most damaging types of fraud.
Host Mike Chambers spoke to Claire Simpson from the Payment Systems Regulator (PSR) — just hours after they appeared at the Payment Leaders’ Summit — to unpack the progress made and the challenges that remain.
Together, they discuss what APP fraud is and who it affects, how regulators and payment firms are reducing scams and reimbursing victims, and what the PSR’s first eight months of data reveals about whether the new measures are working.
The conversation also explores how firms are handling the strict five-day reimbursement rule, whether consumers are being treated fairly, and how “consumer caution” is being interpreted in practice.
Claire offers a preview of the PSR’s upcoming independent evaluation, which will assess the policy’s impact one year on. Are victims finally getting justice after being scammed — or is there still more to do?
Click through to watch the full video.
A genuine overhaul and not a reshuffle
The Payments Association has submitted its response to HM Treasury’s consultation on transferring the Payment Systems Regulator’s (PSR) functions to the FCA, warning that the proposals risk under-delivering on meaningful reform. While the Association supports the government’s National Payments Vision and the ambition to reduce regulatory burden, it cautions that the current plans resemble a reshuffle rather than a genuine overhaul, potentially leaving existing issues unresolved.
The Association’s support for the transfer is conditional on clear role delineation between the FCA and the Bank of England, credible burden reduction, protection of fair access, and a coherent competition remit. It calls for flexible supervisory tools, clarity over competition oversight, strengthened accountability, and a robust post-implementation review after 12 months. Reinforcing the Bank of England’s strategic role, including potential updates to the Memorandum of Understanding, is also highlighted as key to ensuring effective oversight and a world-leading payments ecosystem.
And: Here’s the joint PSR / FCA response: PSR & FCA Response to HM Treasury consultation on consolidation.
Current Account Switch Service strategy
As the first custodian of the UK’s Current Account Switch Service (CASS) I have always had a soft spot for the world first transfer service - it was a privilege to be invited to Pay.UK’s annual strategy event earlier this month.
Pay.UK’s 2025 Current Account Switch Service strategy event brought together banking and payments stakeholders to advance how account switching can evolve in a digital-first world. Key themes included engaging younger consumers—especially ages 18–24—through influencer perspectives and fresh approaches, alongside reflecting on the progress and impact of the existing service in enabling trusted, seamless switching.
Can one payment system fit all, or most, marketplace needs?
Watch this webinar to learn how financial institutions can use a single, secure rail to manage real-time, cross-border, and domestic payments - lowering costs while extending reach and competitiveness.
Klarna Goes Premium: Exclusive Perks Without the Credit Card Hassle
Klarna has unveiled a global membership programme as part of its evolution from BNPL provider into a full‑scale digital bank, offering two tiers — Premium (€17.99/month) and Max (€44.99/month) — packed with benefits like cashback, travel perks, lounge access, and premium subscriptions.
Members can also convert Klarna‑earned cashback into travel and hospitality rewards with partners such as airlines and hotel chains.
According to Klarna’s CMO, this move is about democratizing “exclusive perks” previously reserved for elite credit card holders, without the burden of credit-based reward models.
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