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The UK to Become Cashless Society in 20 Years

The UK to Become Cashless Society in 20 Years

According to research the UK could become a cashless society within 20 years.

The survey conducted by London and Partners was published to coincide with London Technology Week and involved more than 2,000 consumers.

68% said they believe cashless technology will completely replace physical money by 2036. This figure is higher in London where three quarters of people said they thought cash would not exist in 20 years.

New data from MasterCard shows that contactless spending has increased by 326% year-on-year in the UK.

Gordon Innes, CEO of London & Partners spoke at an event during London Technology Week.

He said: “London is the global leader for fintech. 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. 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.” 

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