28 March 2015

Brits predict death of coins and cheque books

28 August 2013  |  8260 views  |  1 Plan

Brits foresee the demise of cheque books and some coins in the near future as payments goes hi-tech thanks to mobile phones and biometrics.

Of 5176 people quizzed by Loudhouse for WorldPay, 77% think that certain coins will have been discontinued within 10 years, while 76% anticipate the end of the cheque book.

In contrast, most respondents see electronic money methods on the rise, with nearly two-thirds believing that they will regularly buy purchases via their mobile handset or other card payment methods.

A significant minority also expect biometrics to become increasingly common: nearly half believe they will be using fingerprint recognition systems to authorise the payment of their household grocery shop. Another 39% predict that facial recognition or iris scanning technology will be a feature in a decade and 32% believe that they will be able to speak to pay.

WorldPay, which commissioned the survey to coincide with the launch of its Zinc mPOS offering, says people are turning their backs on cash and form a negative impression of firms which do not accept card payments.

Geraldine Wilson, MD, WorldPay Zinc, says: "Consumers are falling out of love with cash. 72% of consumers now find card payments to be much more convenient; largely due to Chip & PIN technology being trusted by both merchants and consumers alike."

Earlier this month the Payments Council predicted that the number of cash payments made in the UK will fall by a third from 21 billion in 2012 to around 14 billion in 2022, as Brits turn to card and mobile transactions.

Comments: (1)

Brett King - Moven - New York | 07 December, 2013, 05:24

My goodness, don't tell poor Katharaman, he'll have a heart attack...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

21 August, 2013
19 August, 2013
23 July, 2013
27 June, 2013
13 June, 2013
10 June, 2013
04 February, 2013
12 July, 2011

Related company news


Top topics

Most viewed Most shared
Banking has reached a digital tipping poin...
9410 views comments | 52 tweets | 30 linkedin
Europe sets the pace as fintech investment...
4881 views comments | 25 tweets | 19 linkedin
Google preps Gmail bill payment feature
4431 views comments | 13 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4221 views comments | 10 tweets | 11 linkedin
Credit Suisse paper offers qualified bitco...
4037 views comments | 5 tweets | 9 linkedin

Featured job

Brussels, Frankfurt am Main or Paris

Find your next job