According to new research the rise of new contactless payment methods has lead one in every four people to say that the UK will become a cashless society within the next decade.
The market research, conducted by Equifax, in conjunction with Gorkana Surveys asked 200 people across the UK “How long do you think it will be before we become a ‘cash-less’ society?”
Whilst one out of four people said a decade, 6 per cent said within the next three years and 10 per cent believe the shift to a cashless society will take place over the next five years.
However, nearly a quarter (21 per cent) believes it will take a quarter of a century for the migration to happen.
“One in every four people beleive that the UK will become a cashless society within the next decade.”
The general consensus as to what will be the key agent driving the migration to a cashless society appears to be settling on the introduction of Apple Pay and how biometric technology is quickly changing our payment interactions.
“Apple Pay highlights that consumers are now widely receptive to payment approaches which use biometric technology and contactless methods, and are comfortable accepting them as secure payment mechanisms. No longer will we need to rely, it seems, on a pocketful of cash,”said John Marsden, identity and fraud expert at Equifax.
He goes on to say how platforms from companies who have only recently forayed into the fintech industry are dispelling the public’s skepticism about payments security.
“There are still inherent risks for financial institutions and consumers, with understandable scepticism around the associated lower security levels. Apple Pay successfully demonstrates how a person can control the security of their financial transactions through simple technology which, by design, ensures that the person presenting the payment has the authority to do so,” John Marsden added.
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