An article relating to this blog post on Finextra:
Cash no longer king as Brits turn to debit cards
Cash has seen its position as king of payments challenged in the UK over the last 10 years by alternatives such as debit and contactless cards and the Internet, says the Payments Council, which predic...
It comes as no surprise that the Payments Council has again articulated the demise of cash in their latest report with usage rising just 7 per cent over ten years, while total spending has doubled.
The switch away from cash has been long coming with the latest statistics demonstrating that the payments market is changing as consumers look for more secure and convenient ways to pay. While change is exactly what is needed and technology innovations driving
the uptake of mobile and online, the threat of fraud and identity theft becomes more prevalent as hackers get better at cracking these new payment technologies.
With this in mind there is now a need for a truly secure method for customers and businesses to authorise and verify transactions in the most convenient way possible. In the coming decade those who can align convenience with security really do stand to revolutionise
the way we pay.