The UK could become a cashless society by 2036

Britons believe their country could become a cashless society by 2036, merely 20 years from now. Those are the results of a new survey released by London & Partners, the Mayor of London’s promotional company.

The survey is based on a poll of more than 2,000 consumers, out of which more than two thirds (68 per cent) said cashless technology could replace money in 20 years' time. In London, the figure jumped to 75 per cent.

And it's not all pure speculation, either. MasterCard's data suggest that contactless spending jumped 326 per cent year-on-year in the country.

“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,” said Mark Carney, The Governor of the Bank of England.

“London is the global leader for fintech,” said Gordon Innes, CEO of London & Partners.

“With the world’s leading financial services centre and Europe’s fastest growing technology hub, London’s fintech companies are disrupting the current financial industry and changing the way we interact with money.”

According to figures from EY, UK’s fintech sector generated £6.6 billion in revenue last year, drawing in more than half a billion pounds in investments.

“As a result, they are attracting record levels of investment and world class talent. From peer-to-peer lending companies, such as Funding Circle and Zopa, to remittance companies, such as WorldRemit and TransferWise, London’s fintech companies are pioneering the latest disruptive fintech innovations.”

Howard Berg, SVP, UK & Ireland at Gemalto commented: “It’s no surprise to see a prediction that London will be cashless in 20 years, with contactless payments increasing rapidly. Consumer confidence in contactless payments is growing every year, but for this to reach the next expected level businesses must develop the availability of the necessary form factors to adhere to consumer needs. Whilst we still see cards as the front runner, consumers are looking for adaptability of payment across a range of devices included wearables and mobile devices depending on which situation they are in.

“As well as integrating those form factors, for contactless to take that next step, manufacturers need to be able to develop sound security strategies in this growing market. Leaders in this field will do so by empowering the consumer and educating them as to how to navigate these new technologies safely and securely, subsequently building trust between the technology providers and the customer.

"Only when this is in place, will we see predictions of a contactless world come to fruition.”

Image source: Shutterstock/Tyler Olson