Electronic payments rule as cash-carrying narrows in UK - report
More than half of Britons (52%) now claim they never take notes or coins with them on routine trips, instead using their mobile phone to make payments, according to a nationwide survey.
And 89% believe there’ll be a point soon when neither cards nor cash are used, and people will pay for everything with their mobile phone, the report by Samsung Pay research said.
Some 36% of those surveyed said they only ever use a purse or wallet if travelling further than usual, while 18% never use theirs. An additional 16% of Britons said they can’t even remember the last time they brought their wallet or purse out with them — while a further 14% said it’s been at least six months since they used one.
In fact, only 14% of the nation always carry cash and that falls to 8% of 18-29 year-olds.
Overall, 83% of Britons are making fewer cash purchases than they were doing five years ago while 72% believe it’s really only older people who are using cash routinely these days.
The study found that the main reasons Britons prefer to pay for products and services with a card or phone are worries about losing cash while out (24%), concerns about how hygienic it is to use cash (23%), and feeling vulnerable about getting cash out in public (22%).
Meanwhile 26% think it’s too much trouble to count out change to pay for things, with 19% saying it simply takes too long. And 24% believe phone payments are much more secure and feel safer than using a card or cash for transactions.
Teg Dosanjh, director of Connected Services and Technology, Samsung UK and Ireland, said: “It’s no surprise that we’re seeing so few cash transactions being made by customers now, and when you factor in the number of shops and restaurants that have stopped accepting cash altogether, it’s easy to see why.
“In addition, we’ve become more tech savvy, with a rise in the number of Brits choosing to use their phones to make contactless payments, with many of us just wanting the flexibility and convenience of being able to pay however, and whenever we choose.”
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