As the UK and the rest of the world moves towards a cashless society we take a look at what is driving this change. With contactless and mobile payments aiding the decline of cash we discuss the economic impact and changes in consumer behaviour and what the reality of a world without cash could be like.
Cash payments have been declining rapidly over the past 10 years as millennials and Generation Z consumers continue to drive the use of mobile payments. Research revealed in this report finds that 63% of UK consumers believe their phones will replace physical credit or debit cards as their main method of payment in five years’ time, with the same number of shoppers saying checkout-free stores would make a shop visit more desirable.
But how much longer until the UK becomes a truly cashless society? And what are the implications and obstacles for UK retailers? In this Retail Week report, produced in association with Worldpay, we will uncover what it will take for the UK to truly transition to cashless payments and why staying ahead of the curve can reap major benefits.
Using new research and global case studies from countries already transitioning away from physical money, this report covers:
- The cashless consumer: How more sophisticated methods of payment are making transactions quicker and easier than ever and how this has led to a decline in cash payments
- Learnings from global markets: How other countries are heading towards a cashless market and what the UK can learn from them
- The impact on UK retail: What retailers need to do to prepare for a cashless society
- Preparing for a cashless society: The reality of a world without cash, including the economic impact and changes in consumer behaviour