New research has revealed that paying with smartphones and contactless technology in shops will make a cashless society inevitable for two in five young Brits.
Market research found young men between the ages of 16 and 24 are most likely to embrace new payment technology, with nearly half believing the end is nigh for cash. Over half of UK consumers have used eight or more different payment methods in the last six months with seven in ten saying convenience was the main reason for doing so. Two in five preferred to use a payment method that offers rewards such as cash back or air miles. (Daily Express)
Financial services analyst Jessica Morley said: “Despite the fast pace of progress, the UK is still a long way from becoming a cashless society. However, there is an opportunity for the payments industry to wean consumers off their reliance on paper money.
“From a security perspective this is about making it clear to consumers that other methods of paying can actually be more secure than cash, for example, highlighting the fact that cash is unprotected and cannot be recovered if lost or stolen, whereas money stolen from most other methods can be.
“The uptake in using smartphones to pay is being limited by consumers not knowing of the advantages it holds over other methods of paying.
“Apple Pay could be a game changer with consumers having to authorise payments with their fingerprints which enhances security to make consumers feel that the payment is more secure”.