Third of Brits expect day-to-day mobile payments within five years
31 August 2015 | 14044 views | 0
With contactless cards and mobile payments growing in popularity, a quarter of Brits think that in just five years' time they will no longer need cash, according to a survey for Lloyds Bank.
Recent data from Barclaycard shows that contactless spending in the UK has tripled in the last 12 months, and of more than 2000 people quizzed by Ipsos Mori for Lloyds, 43% agree that the technology is the future.
With Apple Pay arriving in the country over the Summer, over a third of respondents expect to be using a mobile device as a day-to-day method of payment in the next five years. There are still many unconvinced though, with nearly half of those quizzed saying that mobile will never be a main method for payments. However, young people are far more enthusiastic than those over 45.
When asked about why they don't currently use mobile to make payments, 44% say they do not think it is secure or safe, 18% don’t have the right phone, and 17% don’t know anything about mobile payments.
When asked about 10 years from now, respondents are open to more unusual payment methods, with a quarter thinking they will pay with wearable tech such as watches or wristbands. More than one in five think they will be regularly using their fingerprint, and seven per cent think they will make payments using a microchip embedded in their body.
Meanwhile, 39% of people think they will no longer need cash in 10 years time, rising to 48% for 20 years time. Half of those aged between 55 and 75 are likely to think that they will always need to have cash compared to 40% of those aged between 18 and 54.