... half (48%) of all payments in 2014.
In a significant milestone, and for the first time, cashless payments have overtaken the use of banknotes and coins in the UK.
The remaining 52% of payments comprised electronic transactions, ranging from high-value transfers to debit card payments, as well as cheques.
According to the Payments Council, which oversees the system of transactions, the current trend is towards debit cards, contactless and mobile payments, fuelling the trend away from cash.
Additionally, cash volumes are predicted to fall by 30% over the next decade.
However, despite the growth of digital money, cash remained the most used payment method among shoppers and businesses in 2014, with around £18bn cash payments made in the UK, worth approximately £250bn.
Debit cards accounted for 24% of payments, followed by direct debit mandates which equated to 10% of all payments.
Read the original unabridged BBC.co.uk article.