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Posted on June 11, 2018 by staff

Will Britain be cashless in 10 years?

Will Britain be cashless in 10 years?

The use of cash is declining but it still has its fans
The use of cash is declining but it still has its fans

More than a third (37 per cent) of Brits believe the UK will be a cashless society within the next 10 years of less, a new study has revealed.

Online research from consumer and business insights firm Equifax found that over half of 16-34 year olds believe we will be reliant on digital and card payments by 2028, compared to just 22 per cent of those aged 55 or above.

But while the use of cash is declining, it still has its fans.

In the survey, respondents said coins were their top payment choice for vending machines (60 per cent), parking meters (57 per cent, charity donations (53 per cent) and buses (52 per cent).

While 46 per cent of people use cash less often than they did three years ago, more than half (54 per cent) use cash either as or more often, and almost 60 per cent think shops, cafes or market stalls that only accept cash are convenient.

“We’re in the midst of an exciting smart payments revolution,” said Sarah Lewis, head of ID and fraud at Equifax. “We can pay for our lunch with our watches and passers-by are now able to donate to buskers via contactless.

“This growth of new payment technologies is drawing us closer to a cashless society, but long standing preferences for cash remain in certain situations, particularly among older consumers.”

The findings also highlight that although the use of digital payments via contactless cards and online transactions is growing rapidly, some people are still wary about security.

Over a quarter (27 per cent) of the people surveyed don’t feel confident payments via websites or contactless cards are secure, and 26 per cent think it’s difficult to track money spent using digital methods.

Lewis added: “The shift to digital payments in the new economy raises important questions about the role of different payment methods, and highlights the need to balance the convenience people want with security.

“As digital and online payments continue to grow, so too does the associated fraud.

“It’s vital that new technology is maximised to give people the reassurance they need as they change the way they spend.”