Over half of consumers believe cash is outdated, research shows

Cash, contactless, vianet, research
16/06/2017 - 07:20
Over half of consumers believe paying by cash is outdated, according to research from smart machine provider for the hospitality industry Vianet.

Taken from a panel of 2,000 consumers, the research also revealed that 63% would be willing to switch to contactless payment in vending if available.

Matt Lane, managing director at Vianet, said: “It is predicted that three quarters of payments will be cash and note free by 2025. Cash is no longer king and businesses need to acknowledge this with their payment solutions.

“The change in thinking is indicative of a wider consumer trend of digital ownership. We no longer own movies, we have Netflix; we don’t listen to CDs, we have an iTunes account; the natural extension of this consumer behaviour is that we no longer use cash, but accept contactless payment instead.”

The research from Vianet comes after the UK Card Association published statistics showing contactless spending rose to a £25 billion in 2016, up from £7.7 billion in 2015.

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