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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Those 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.”