New research by Mastercard has concluded that just over 40% of British consumers are ready to ditch notes and coins altogether if card payments were accepted everywhere.
This comes from the result of 62% of Britons preferring to pay with card or other forms of electronic payment than cash. And more than two-thirds of people (69%) say they use card or other electronic payment methods more often.
People aged between 25-34 are the most keep to stop using cash and would prefer if cards were universally accepted.
People are increasingly snubbing cash as they see card payments as a safer and more secure way of accessing and spending their money. Two in five (41%) feel uncomfortable carrying cash for fear of losing it or having it stolen, whereas misplaced or stolen cards can be cancelled.
The president of Mastercard, Mark Barnett, said “while many people still have cash in their wallet, it’s clear that we’re witnessing a big shift in the way people are making every day payments, in particular, contactless is driving this trend as it eliminates the need for cash for small transactions – our own data shows contactless spending is growing 225% year on year in the UK.”
The shift has arisen from an increased number of Britons have embraced the speed and convenience of card payments with newer technologies such as contactless have helped drive the change.
40% of Britons attribute their declining use of cash to wider acceptance of contactless payments. A quarter of consumers are already using their smartphones to make mobile contactless payments, or would like to do so in the future, the poll shows.
Card and contactless payments have become so popular that two in five Britons (38%) say they feel inconvenienced when a shop does not accept them. Well over a quarter (29%) are surprised and one in five (18%) are even annoyed, with younger generations most likely to be frustrated. On top of this, the number of contactless transactions made in the UK leapt by 225% year on year, the latest Mastercard data comparing Q2 2015 and Q2 2016 shows.
A primary turn-off for using cash is the inconvenience of carrying it around. 43% of those tested expressed being fed up of carrying physical money, especially coins which would usually be left at home because of the hassle. Not only this, but a staggering 32% decline to carry cash around on them due to it being unhygienic.