Even as a new £10 note is introduced in the UK, the results of an OT-Morpho-commissioned survey suggest that cash is on its way out in the region.
Based on a poll of 2,009 respondents in the UK conducted between September 1st and 3rd, the survey found that 62 percent of respondents reported paying with cash much less frequently over the past five years, and 74 percent anticipating a continuation of that trend for the next five years. Twenty-two percent went so far as to predict that within the next five years they will fully stop carrying cash.
When asked why they don’t pay with cash, 21 percent said they felt unsafe doing so, while 53 percent said that other forms of payment are faster. That impression is probably due not only to the growing adoption of NFC technology in payment cards, but also the emergence of mobile payment platforms like Apple Pay and Samsung Pay. Elsewhere in the world, ‘naked payment’ systems that directly link payment information to consumers’ biometric profiles are demonstrating how payments could become even more convenient.
Still, before cash disappears completely, at least Jane Austen fans have something to celebrate with the new £10 note.