Half of UK consumers believe notes and coins
will become obsolete according to new findings from Barclays.
The research shows that 57% of the British
public refuse to carry one and two penny coins and 50% admit to
giving small change away either to charity, to children or even
throwing it in the bin.
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“Although we are far from becoming a cashless
society, it’s clear from our research that cash is no longer king,”
said Dan Wass, head of current accounts and contactless at
Barclays.
“Consumers are increasingly less willing to
carry large amounts of change around with them and many believe
that coins will become obsolete in the future.”
A third of the people surveyed said they
preferred to pay by card as they don’t have to worry about carrying
cash and 41% of shoppers have walked away from a small value
purchase as they didn’t have enough cash on them.
Whilst consumers still have worries about the
security of contactless payments over 62% are aware of the
capabilities of contactless cards – an increase of 17% from
the same point in 2010.
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By GlobalData
