UK Not Ready For Cashless Society (Yet)

One in three Brits now carry less than a fiver in cash, a study has revealed. More than one in five (21%) Brits are convinced physical money will disappear over the next 20 years, according to research released as part of Skrill’s Future of Money campaign. Researchers found that cash is being replaced by more contemporary payment methods, such as credit or debit cards, as well as digital wallets and paying with a mobile phone. Instead of paying for purchases using traditional notes and coins, we are now more likely to hand over the plastic or make payments over the internet, with one in 20 claiming they never carry cash on them and 13% saying they would be happy to give up cash today.

Alternative payments are also high up on British minds with half the respondents claiming there will be an increase in both digital wallets and online cash transder in the the next few years.

Siegfried Heimgaertner, Skrill CEO commented: “Times are changing with cash, and even credit and debit cards increasingly making way for online transfers, digital wallets and payments via mobile phones or apps. Consumers are finding it quicker and easier to click a button than fumble with their change. With only 3% of payments in Sweden still made in cash*, the coming years are going to see radical changes in this area.”

However, the Brits do not seem ready to give up cash completely just yet. 19% rely on cash to keep track of their spending and 21% will use cash if they want to stick to a budget.

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Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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