The UK is on track to become a cashless society within 20 years, according to research by London & Partners, the Mayor of London’s promotional company. A survey of 2,077 consumers shows that 68% believe cashless technologies will completely replace physical money by 2036. The figure is higher in London where three quarters of people said notes and coins would disappear within 20 years.

The research is supported by data from MasterCard showing that contactless spending has increased by 326% year-on-year in the UK. Elliott Goldenberg, head of digital payments for MasterCard UK & Ireland, says: “We’re in what we might call a perfect storm for payments right now. There is this virtuous circle of creation and adoption in FinTech where tech-savvy consumers and entrepreneurs are feeding from each other. No other market combines the expertise, the captive audience and regulatory infrastructure in this way.”

By Scott Thompson

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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