More than two in five Brits are willing to ditch cash including notes and coins, if card payments are accepted everywhere, according to a new research by MasterCard.
MasterCard's study found that security and convenience of cards have made them preferred payment method for two-thirds of British consumers.
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Approximately 44% of Britons, who participated in the survey, claimed that they would stop using cash altogether if they could pay by card.
Two in five (41%) people feel uncomfortable carrying cash for fear of losing it or having it stolen, whereas misplaced or stolen cards can be cancelled.
The research highlighted that 62% of Britons now prefer to pay with card or other forms of electronic payment than cash. And over two-thirds of people (69%) say they use card or other electronic payment methods more often.
The poll shows that 25% of the consumers are already using their smartphones to make mobile contactless payments, or would like to do so in the future.
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By GlobalDataThose aged between 25 and 34 are most keen to stop using cash, with 62% saying they would pay only with card if it was universally accepted. More than half (53%) of people aged between 16 and 24, and from 35 to 44, felt the same.
MasterCard president of UK and Ireland Mark Barnett said: “While many people still have cash in their wallet, it’s clear that we’re witnessing a big shift in the way people are making every day payments.
“In particular, contactless is driving this trend as it eliminates the need for cash for small transactions – our own data shows contactless spending is growing 225% year on year in the UK.”
