(5 October 2016 – United Kingdom) According to new research from MasterCard, 44 percent of people in Britain would give up cash if card payments were accepted everywhere.
Of 2000 people polled, 62 percent say that they now prefer to pay electronically than with cash and 69 percent say they already use e-payments more often than notes and coins.
Those aged 25 to 34 are most keen to stop using cash, with 62 percent saying they would pay only with card if it was universally accepted. More than half (53 percent) of people aged 16 to 24, and from 35 to 44, felt the same.
Around 40 percent say they feel inconvenienced when a merchant does not accept cards. Well over a quarter are surprised and one in five are even annoyed, with younger generations most likely to be frustrated. A further 20 percent avoid or walk out of shops and restaurants when they realise that they don’t accept card payments.
Earlier this week, Bank of England noted that the amount of cash circulating in the UK economy is twice the level of a decade ago, while the growth in contactless cards and mobile P2P not making much headway in reducing the amount of notes and coins used by consumers.