30 March 2017
visit nextgenbanking.co.uk

Brits predict death of coins and cheque books

28 August 2013  |  9462 views  |  1 Plan

Brits foresee the demise of cheque books and some coins in the near future as payments goes hi-tech thanks to mobile phones and biometrics.

Of 5176 people quizzed by Loudhouse for WorldPay, 77% think that certain coins will have been discontinued within 10 years, while 76% anticipate the end of the cheque book.

In contrast, most respondents see electronic money methods on the rise, with nearly two-thirds believing that they will regularly buy purchases via their mobile handset or other card payment methods.

A significant minority also expect biometrics to become increasingly common: nearly half believe they will be using fingerprint recognition systems to authorise the payment of their household grocery shop. Another 39% predict that facial recognition or iris scanning technology will be a feature in a decade and 32% believe that they will be able to speak to pay.

WorldPay, which commissioned the survey to coincide with the launch of its Zinc mPOS offering, says people are turning their backs on cash and form a negative impression of firms which do not accept card payments.

Geraldine Wilson, MD, WorldPay Zinc, says: "Consumers are falling out of love with cash. 72% of consumers now find card payments to be much more convenient; largely due to Chip & PIN technology being trusted by both merchants and consumers alike."

Earlier this month the Payments Council predicted that the number of cash payments made in the UK will fall by a third from 21 billion in 2012 to around 14 billion in 2022, as Brits turn to card and mobile transactions.

Comments: (1)

Brett King
Brett King - Moven - New York | 07 December, 2013, 05:24

My goodness, don't tell poor Katharaman, he'll have a heart attack...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Powa plans 250 UK jobs after $76m funding round

Powa plans 250 UK jobs after $76m funding round

21 August 2013  |  6493 views  |  0 comments | 3 tweets
Payments in 2022: Cash out, mobile in

Payments in 2022: Cash out, mobile in

19 August 2013  |  15798 views  |  7 comments | 29 tweets | 17 linkedin
UK gets pre-paid mobile wallet

UK gets pre-paid mobile wallet

23 July 2013  |  11381 views  |  16 comments | 9 tweets | 10 linkedin
John Lewis to sell WorldPay Mpos readers

John Lewis to sell WorldPay Mpos readers

27 June 2013  |  13973 views  |  1 comments | 8 tweets | 14 linkedin
Cash costs the German economy EUR12.5 billion per year

Cash costs the German economy EUR12.5 billion per year

13 June 2013  |  8562 views  |  3 comments | 8 tweets | 8 linkedin
Cash use in the UK on the rise

Cash use in the UK on the rise

10 June 2013  |  10162 views  |  1 comments | 15 tweets | 6 linkedin
UK Chancellor plans on UK payments shake-up

UK Chancellor plans on UK payments shake-up

04 February 2013  |  6893 views  |  0 comments | 6 tweets | 3 linkedin
UK bank u-turn sees cheques saved

UK bank u-turn sees cheques saved

12 July 2011  |  10675 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
Danish banks add Dankort payments to mobile walletsDanish banks add Dankort payments to mobil...
15195 views comments | 2 tweets | 7 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
13754 views comments | 53 tweets | 32 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
12530 views comments | 33 tweets | 46 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8939 views 0 | 16 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job