New research reveals that 10.8m UK adults now consider themselves to be virtually cashless, using payment methods other than physical notes and coins to pay for lower value items.
The research, commissioned by GoCompare Money, found that UK consumers are now more likely to make payments of under £30 using contactless technology than cash and, many no longer carry money at all. Over a third (35%) of people surveyed regularly go out with just a credit or debit card, while 16% leave home with just a single contactless payment method. Nearly a fifth (19%) said they simply don’t like carrying cash around.
While 21% of people surveyed think they are already cashless, most (59%) participants predict they will be cashless within the next seven years. However, 41% don’t believe that we will ever be able to do without coins and notes.
The last decade has seen a huge shift away from cash payments – from chip and PIN cards to phone-based contactless technologies and the research reveals that it isn’t necessarily just the younger age groups driving the contactless revolution.