Michael Batley, Head of Strategy, Travelex

Foreign exchange specialist Travelex has released findings indicating that 24% of consumers refuse to go cashless, no matter what technological advance is available to them.
The survey, which looked into consumer attitudes across the UK, Australia, Brazil and South Africa, looked into attitudes towards and usage of cash and cashless technology across the four markets.
It found that UK, the most ‘cashless’ country surveyed, represented the highest proportion (47%) of respondents that do not see an end to cash, closely followed by Australia (42%). Most of those interviewed neither expect nor desire an end to cash, and instead want a mix of payment methods to be available, including cash. The research found a core of people who will never give up cash, no matter how convenient cashless payment technology becomes.
“While the proliferation of cashless payment technologies has generally led to a reduction in cash usage across developed economies, banknotes have unique properties that consumers value, such as security against fraud,” said Michael Batley, Head of Strategy, Travelex. “As long as this is the case it’s unlikely that any attempts to abandon cash completely will succeed. Even Sweden’s bid to go cashless, touted as a successful model, has seen pushback. Ultimately, only consumer demand will drive the change towards a truly cashless society and our research indicates this is further away than many realise.”

by Guy Matthews