Brits predict death of coins and cheque books
28 August 2013 | 9758 views | 1
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.