Posted on June 22, 2016 by staff

UK ‘will be completely cashless within 20 years’


The UK could become a cashless society within 20 years, according to new research.

A survey of more than 2,000 consumers found 68 per cent believe cashless technologies will completely replace physical money by 2036.

The figure is higher in London, where three quarters of people said they thought cash would disappear within two decades.

The research was published by London & Partners to coincide with London Technology Week.

The data is supported by figures showing the rise in contactless payment technologies, with MasterCard research finding that contactless spending has increased by 326% year-on-year in the UK.

The Bank of England recently announced a fintech accelerator programme that will work with technology companies to harness innovations.

Bank of England governor Mark Carney said: “Financial technology companies will change the nature of money, shake the foundations of central banking and deliver nothing less than a democratic revolution for all who use financial services.”

London’s status as a leading financial centre and technology hub has helped the UK to become a global leader for financial technologies.

Recent research from EY shows that the UK’s fintech sector generated £6.6 billion in revenue last year and attracted approximately £524m in investment.

Eileen Burbidge, an envoy for HM Treasury Fintech, said: “The UK is emerging as the fintech centre of the world and London is the jewel in the crown of the UK’s fintech success story.

“With record levels of investment, access to talent, a growing culture of entrepreneurship and progressive policy makers and regulators, we have all of the right ingredients for success.

“I am confident that London leads the likes of Silicon Valley and Wall Street.”