The UK is expected to ditch cash payment and emerge as a cashless society over the next 20 years, reveals a report issued by London & Partners.
Over 2,000 consumers participated in a survey conducted by the company, which highlighted that 68% Brits believe cashless technologies will completely replace cash by 2036. In London alone, around three quarters of consumers felt that cash would disappear within 20 years.
The survey is supported by figures showing the rise in contactless payment technologies. New data from MasterCard indicates that contactless spending has grown by 326% year-on-year in the UK.
To further facilitate the growth of cashless society, the Bank of England (BoE) has recently announced that it will unveil a fintech accelerator programme that will work with technology companies to harness fintech innovations.
The Bank of England Governor Mark Carney said: "Financial technology companies will change the nature of money, shake the foundations of central banking and "deliver nothing less than a democratic revolution for all who use financial services"
MasterCard UK & Ireland head of digital payments Elliott Goldenberg said: "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."
London is widely recognised as a global city for the development and adoption of fintech technologies. The rapid adoption of new payment technologies has been cited by experts as a critical factor in investment coming into the UK’s fintech industry.