Cash falling out of favour with Brits
Posted on in Cycles News , Creative News, Outdoor News
A survey conducted by MoneySupermarket, reveals that Brits now make 20% more payments on cards than with cash, with over half saying they'd be happy if the UK became completely cashless.
When surveyed, three out of four Brits admitted they withdraw cash from an ATM less often than they did one year ago and over a third would now use contactless or card payments whenever possible.
Over half of over 55s regularly withdraw cash, in contrast to less than a quarter of 25-34 year olds.
When asked about circumstances when Brits would withdraw cash, only 6% said it was to counter their concerns around card security, compared to 38% who said there was no specific purpose other than to have it on them and pay for small ticket items.
Scots are most likely to withdraw money regularly (45%), whilst the South East is the least likely to do so.
According to the research over half of Brits (53%) would react positively to the UK becoming increasingly cashless.
However, just over a quarter of Brits said they would disapprove of a move towards a cashless society, citing the preference to use cash "on occasion". Even for those who approve of the move, a small proportion (17 per cent) admitted they'd also miss paper notes.
Four out of 10 Brits believe that contactless will become the dominant payment method in the near future, while 14 per cent (mostly 18-34 year olds) predict that we will eventually pay for everything with our phones, potentially rendering physical cards obsolete.
To ensure ActSmart can provide the best solution for all business we have two card processing partners; Global Payments for established businesses with medium to high card turnover and Paya Card Services for newer or smaller businesses with lower card volumes, both of which have transparent pricing so you know exactly what you are paying for.
To find out which solution is right for you, visit the Card Processing service page.