Insight
Title:
The demise of cash
Description:
If people are afraid of cash as something that might transmit germs, contactless payment methods will receive a further boost.
This trend is also bolstered by The transformation of the high street.
Recent research surveying 2000 adults found that since the UK went into lockdown:
- 27% said they have not shopped with cash at all during the pandemic.
- 76% have used a contactless credit or debit card.
- 61% have made a PayPal payment.
- 17% have used a smartphone payment system.
- 15% have used Bacs.
- 8% used a contactless card for the first time during lockdown.
- 7% made a payment with their phone for the first time.
- 14% said that they no longer carry cash.
- 16% said that they would be happy to live in a cashless society.
Source: Brits shunning cash over misplaced fears about Coronavirus spread
PESTEL:
Economic