According to research
commissioned by Barclays and Barclaycard, one in eight consumers do
not carry cash and almost 50% believe coins and notes will become
obsolete
Barclay’s also found
that 57% of respondents refuse to carry one or two penny coins
whereas 50% get rid of change by giving them to charity or throwing
them in the bin.
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The report also showed
that a further 32% prefer to pay by card as it saves them worrying
about cash with 17% noting that cards allow them to keep track of
their spending.
Head of current accounts
and contactless at Barclays, Dan Wass, said that cash is no longer
the most popular form of payment as consumers are less willing to
carry change.
He said: “It is clear
that shoppers are now looking for alternative methods of payment
such as contactless which will allow them to avoid spending time
fumbling for change in a queue and will take up less space in their
wallet.”
A fifth of shoppers
further reported that credit card bill statements allow them to
manage their spending better.
Head of UK Payment
Acceptance at Barclaycard, Richard Armstrong said: “An increasing
number of consumers are turning to cards as a way to manage their
spending and avoid the burden of cash.”
44% of those
surveyed said that they recognise thecontactless logo at
POS compared to 28% last year.
