20 February 2018
visit www.nextgenbanking.co.uk/

Contactless switch is costing charities dearly

18 October 2017  |  2345 views  |  0 Source: Consumer Intelligence

The switch to contactless cards is costing charities with nearly two out of five adults admitting they give less to street collectors as they do not carry as much cash, new research from Consumer Intelligence shows.

Its nationwide study found 37% who regularly donate money to charity collectors say they have cut back in the past year - and on average they estimate they have donated £14 each less.

Consumer Intelligence’s research shows a rapid switch away from using cash - 58% of adults say they are using less cash than a year ago.

The trend is accelerating among younger people - 71% of 18 to 24-year olds say they use less cash than a year ago, but even over-65s are changing with 49% cutting back on cash.

Just a third of those questioned prefer to use cash for purchases worth less than £30 - the limit for contactless cards - with 39% preferring to use contactless and 27% using chip and PIN and 3% using other devices.

However, cash is still very important for charities - the Charities Aid Foundation says cash is still the most popular method of donating to charity with 55% of donations coming in notes and coins.

Ian Hughes, Chief Executive of Consumer Intelligence said: “Contactless is convenient and secure so it is understandable that so many are happy to ditch cash.
“But there must be some concern that it is hurting charities with so many people admitting they have cut donations simply because they do not carry cash.

“Technology can help however and charity collectors need to adapt. The Church of England is trialling contactless technology for collections so it can be done.”
Consumer Intelligence’s study shows around one in 10 people still carry £50 or more in cash on a day to day basis.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comvisit www.nextgenbanking.co.ukvisit www.ebaday.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11673 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9287 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9123 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7772 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7196 views comments | 19 tweets | 18 linkedin

Featured job

Basic c. EUR 90K OTE c. EUR 180K plus full bene...
Paris (preferred) or London

Find your next job