In 1661, Sweden was the first country in Europe to introduce banknotes – and by March 2023, it will become first cashless nation in the world, with an economy that goes 100 percent digital. But will the UK go the whole way towards a cashless society, as Sweden plans to do?
Research carried out by trade association UK Finance has suggested that many individuals in the UK are choosing to live a ‘largely cashless life’.
According to UK Finance, digital technology is ‘transforming the world of payments’, allowing consumers to ‘take advantage’ of the ever-widening range of payment options. The research revealed that debit cards were the most frequently used payment method in 2018 with debit card payments accounting for 40% of all payments. Additionally, more than two-thirds of adults used online banking in 2018, and almost half used mobile banking. An estimated 8.5 million consumers are registered to purchase goods and services using mobile payment systems.
‘The same pick ‘n’ mix approach people now take when it comes to music, television or the news is expanding into payments, as consumers take advantage of new technologies to pay in a way that suits them,’ said Stephen Jones, Chief Executive of UK Finance.
‘More and more customers are now opting for the speed and convenience of paying with their contactless cards, or using mobile banking to check their balances and make transfers while on the move. This rapid rate of technological change is set to continue over the coming decade, as people embrace the ever-widening number of ways to pay and manage their finances.’
Could you manage without cash in your pocket?! Have your say in our June poll!