Consumers and employers are expected to use more electronic transactions rather than cash in the coming future. A recent research by the Payment Council showed that cash payments will account for less than half of all transactions in the UK by the year 2015. The reports also showed that the cash transactions were reported down in past ten years.

According to the Payment Council, around 59% of all the transactions being made in the year 2009 were done with cash. This was reported down from the figures of year 1999 when around 73% cash payments were recorded. The report showed that there were reported around 37 billion transactions in the year 2009.

Payment Council forecasted that the number of cash transactions would be lower than 50% of all transactions by the year 2015. The council also said that it would be lower than 45% by the year 2018.

"Although cash won't disappear in our lifetime, the continuing payments revolution will make it an ever smaller part of our spending," said Mike Bowman, head of policy and markets at the Payments Council.

The report showed that the annual debit card spending was reported up by around 400% in past 10 years. The annual debit card spending was reported of £264 billion in 2009, while it was recorded of £65 billion in 1999.