Brits expect cashless society within 20 years
21 June 2016 | 9979 views | 7
More than two thirds of Brits and three quarters of Londoners think that cash will be a thing of the past in just 20 years, according to a survey.
The poll of 2000 Brits, carried out by the Mayor of London's PR company, London & Partners, shows that 68% of people think that cashless technologies will completely replace physical money by 2036. The figure is even higher in London, which has seen the most marked rise in the use of contactless payments thanks to the technology's presence on the public transport network.
Elliot Goldenberg, head, digital payments, MasterCard UK & Ireland, says: "We're in what you might call a perfect storm for payments right now. There is a virtuous circle of creation and adoption in fintech where tech-savvy consumers and entrepreneurs are feeding from each other."
London & Partners claims that the attitude to new payments technology is an example of the UK's status as a fintech centre. According to research from EY, the sector generated £6.6 billion in revenue last year and supports 61,000 jobs.
Last week the Bank of England outlined plans for its own fintech accelerator programme, with governor Mark Carney saying: "Financial technology companies will change the nature of money, shake the foundations of central banking and deliver nothing less than a democratic revolution for all who use financial services."