Almost 75% of people believe cash will be used much less in 2022
The UK will soon have a brand new £10 in circulation, but new research has made clear the continuing move towards a cashless society.
The research, conducted by security and digital identity firm OT-Morpho, shows 62% say they have paid with cash much less often over the past five years, while 74% of people believe cash will be used much less in five years' time. Over a fifth (22%) predict they will never carry cash in five years' time, 16% believe shops will stop taking cash in that period and 14% predicted that society will become completely cashless.
At present, 59% of Brits most commonly use a card to pay while out and about, with just 35% using cash most often.
The research also reveals that 23% no longer use notes and coins at all, with 43% paying for something with cash ten times or fewer in the average month. Just over one in three people (34%) is aware that a new £10 note is being launched on 14 September.
When asked about why they didn't use cash more often, over half (53%) said that it was because other forms of payment are much quicker to use, and a quarter (25%) said that it is because cash is an outdated form of payment. Other popular reasons included not liking having coins in one's pocket or purse (24%) and not feeling safe carrying cash (21%).
This research clearly shows that the future lies in more technologically advanced forms of payment. For example, this might involve authentication via biometrics – such as using fingerprint recognition rather than personal identification numbers. As so much of our everyday lives move away from physical documents, it makes sense that people are not only looking towards, but embracing a cashless society. Changing the material and design of the banknotes is not going to reverse this long-term trend away from physical to digital. We need to seriously think about how long we can keep updating a technology that is already thousands of years old
Notes to editors
1. About the research The findings are from a survey of 2,009 people across the UK carried out by Censuswide between 1 and 3 September 2017. A summary of the results is available on request.
2. About the new £10 note The new polymer £10 note, which comes into circulation on 14 September 2017, joins the Winston Churchill £5 in the first family of polymer Bank of England banknotes1. It has been involved in several pre-launch controversies. Activists have criticised the fact that it contains a small amount of tallow, or animal fat2.
OT-Morpho is a world leader in digital security & identification technologies with the ambition to empower citizens and consumers alike to interact, pay, connect, commute, travel and even vote in ways that are now possible in a connected world.
As our physical and digital, civil and commercial lifestyles converge, OT-Morpho stands precisely at that crossroads to leverage the best in security and identity technologies and offer customized solutions to a wide range of international clients from key industries, including Financial services, Telecom, Identity, Security and IoT.
With close to €3bn in revenues and more than 14,000 employees, OT-Morpho is the result of the merger between OT (Oberthur Technologies) and Safran Identity & Security (Morpho) completed in 31 May 2017. Temporarily designated by the name "OT-Morpho", the new company will unveil its new name in September of this year.
Ross BROWNT + 44 (0) 0 7932 623 820