Computer Business Review

UK “closer than ever” to becoming a cashless society

by Michael Moore| 04 September 2014

Almost half of Britons would do away with cash today if they could.

Britain is swiftly becoming a "cashless society", according to figures showing that more and more of us are stopping using cash in favour of card and online payments.

In fact, nearly half the population (48%) say that they would rather not carry cash at all, and wouldn't bother if they didn't have to, according to research from payments provider Worldpay.

Younger consumers seem particularly keen to do away with cash, with nearly 60% of 25-to-34-year-olds saying that they would prefer to never carry cash and 33% of the same group saying that they already try not to.

In contrast, the majority of Britons aged over 45-years-old still prefer to have cash on them, indicating the gulf in opinion between the age groups.

Much of this seems to be down to force of habit, as nearly a quarter (24%) of those who prefer cash over card say they do so simply because they worry about card payments not being accepted everywhere, and 18% say they favour cash simply due to habit.

"People aren't going to stop carrying cash overnight. It still has its uses," said Dave Hobday, managing director of Worldpay UK
"But with more businesses of all kinds taking cards of all values, and with a clear preference among younger people to pay by card wherever possible, we are definitely going to see people using much less cash."

WorldPay's report is the latest in a series of findings that show the world's movement towards a cashless society. Recent research by analyst house Juniper Research found that the amount of payments made using mobile, online and contactless methods could be set to reach $4.7 trillion (£2.76 trillion) per year by 2019.

Worldpay, which offers payment options for over 200 payment types in 115 currencies, currently processes over 8.4 billion transactions every year.


Post a comment

Comments may be moderated for spam, obscenities or defamation.

Join our network

792 people like this.
2226 people follow this.


Suppliers Directory

Privcy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.