Ukash has responded to recent research that suggests the use of cash by Brits is declining. According to a recent consumer study conducted by Ukash, cash is still king when it comes to everyday spending, with more than three quarters (78%) of Britons preferring this payment method for purchases of GBP10 or less.
Furthermore, Ukash figures show that the number of consumers that opt for cash when making purchases of between GBP10 and GBP20 is actually on the rise – up by 1% on the same research carried out in 2013 – and favoured by two in five (41%). Britain’s propensity for spending cash also looks set to be maintained in years to come, as figures reveal that young people are the fondest of cash. Half of 18-24 year olds revealed a preference for cash – up 6% on last year.
Whilst there is speculation that new technologies such as mobile to mobile and contactless payment methods may contribute to a fall in popularity for cash, Miranda McLean, Marketing Director, Ukash, believes these suggestions are premature.
“Our research shows that Britain’s love affair with cash is actually as strong as ever in spite of an ever-increasing array of alternative payment methods open to consumers. The fact that cash is just as popular with the younger generation is also extremely encouraging, indicating that Britain’s affection for cash is sustainable.
“Indeed, many businesses are reported as being reluctant to implement the changes necessary to facilitate the new technology driven payment methods, until customers demand them, which we aren’t seeing yet. There is nothing so far to suggest that cash is any less popular now than it was a year ago and will not be just as popular one year from now.”
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