More than half (55%) of UK consumers expect to abandon using cash for shopping in the next two years, according to new research, conducted by Paysafe, a leading global payments provider, in conjunction with Loudhouse, a London-based research agency.
The report, titled Lost in Transaction, looks at attitudes towards to money and consumer buying behaviour, and examines how cash is keeping up with digital payments.
The report compares cross-market transactions between the US and UK, highlighting the trend of mobile wallets and whether cash is still prevalent in the economy. The percentage of people who use mobile wallets in the UK is 24%, while in the US it’s 31% and 16% in Canada. And out of those who stated they use mobile wallets, 82% of UK participants said they would pay for higher priced items using a mobile wallet if limits were raised, compared to 77% of US participants who stated they would.
The most common view about payments trends today shows that spending in cash is on the decline. On average,75% of 18-34 year olds in Canada and the US said that they prefer to shop online rather than going into physical stores.
A fast-paced payments environment with frictionless user experience is taking cash, with various digital payment options emerging so that consumers can spend easily, both online and in stores.
The Lost in Transaction report reveals why attitudes towards payments and purchases are changing, along with market developments, consumer behaviour and mobile trends that are dominating the industry.
Danny Chazonof, Chief Operating Oficer, Paysafe says: “The world is a different place to the one where traditional hard currency was the only option. Today, people shop in new ways. Mobile is a preferred device and physical stores are showrooms as much as they are outlets.”
Click here to download your complimentary copy of the whitepaper
Whitepapers
Related reading
Diversions on the ISO 20022 journey
While ISO 20022 is still ongoing, this year has seen several delays to the migration strategies of SWIFT and various major market ... read more
Bank of Canada: Digital currencies raise stability questions
Financial stability is a key talking point within central banks as they discuss the possibility of launching digital currencies. “The one thing ... read more
SunTec CEO: Bank branches need to become Apple stores
The bank branch of the future must become an experience centre like Apple stores, according to SunTec CEO Nanda Kumar. In August, ... read more
2020 hailed “year of contactless” by payments study
By Richard Young The coronavirus crisis has caused a surge in mobile and contactless payments, driving consumers to make fewer but larger ... read more
Related companiesView all >
