The city of London’s promotional agency, London & Partners, carried out a survey with 2,000 British adults about cashMoney in physical form such as banknotes and coins. More vs other paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods. Sixty-eight percent of respondents replied that they believe new technologies will completely replace physical moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More by 2036. The results were even higher in the capital, reaching 75% of respondents.
Survey results were presented at London’s Technology Week that took place 20-26 June. The U.K. has been ahead of the game when it comes to contactless payments. For example, London was one of the first cities to install a city-wide contactless technology for its public transportation system and people are starting to warm up to the idea of contactless payments for other goods. Next to Denmark, Finland and Sweden, the U.K. was ranked one of the countries most likely to shift to a cashless society.
Yet, it might be too soon to call these cashless technologies the future of payments. Many consumers are still unbanked, and these numbers are even higher in immigrant communities where few have a credit history. Furthermore, despite the convenience of contactless payments, many consumers still fear identity theft, market volatility and technology breakdowns. Finally, Digital Consumer Manager at Euromonitor International, Michelle Evans, states that despite the Brexit “Yes”, this trend is highly unlikely to accelerate.
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