New research provides evidence that Britain really could become a cash-free nation over the next ten years as consumers warm to the idea of electronic payment methods.
Analysts have speculated over the UK going ‘cashless’ in the near future and a new study from the Payments Council suggests this could well be the case.
Theguardian.co.uk says experts from the group predict 2014 to represent “Year One” of a cashless era in Britain as the number of transactions involving physical currency slips below the 50 per cent barrier for the first time.
The convenience of paying by card or through emerging systems like Near Field Communication (NFC) seems to be hitting home with shoppers and may well trigger the change that transforms the high street. As for ecommerce businesses, they should be in a good position to benefit from the growing acceptance for electronic payment methods.
What’s perhaps most striking about this reality is that many consumers are ready and waiting for this switch to take place. A survey from the Payments Council reveals that one in five UK web users would like to see their nation move away from cash, with this rising to nearly a third (30 per cent) in London.
The report’s key findings echo those in Forrester’s predictions for payment landscape in 2016. According to thenextweb.com, experts reporting to the firm backed cash to become a thing of the past by 2016 as consumers use their mobile as a “21st century wallet”.