Around four in 10 Britons believe 2025 will be cashless.

Survey finds 42 per cent believe 2025 will be cashless

A survey has found that 42 per cent of Britons believe innovations in technology will enable them to do away with their wallets in 2025.

The Payments Council's findings also suggest mobile payments will become an increasingly mainstream option, with seven out of 10 expecting to use this method in 13 years.

Just over half (51 per cent) of the 4,000 adults surveyed expect to be able to pay by scanning their thumbprint by 2025.

Ian Pearson, who produced a report for the council examining the possible future of payments, said security concerns could limit the possible use of this as it is relatively easy to get hold of someone else's fingerprints.

The security of this method might be improved if used alongside with printing unique electronic information onto a fingernail, he suggested.

His report, Pay Your Way 2025: Future Payments, suggests that possible payment methods can include people using digital jewellery such as rings or badges to transfer money or authenticate a payment.

Despite advances in technology, most people believe that more traditional payment methods will have survived by 2025, with two-thirds (68 per cent) expecting that they will still need to use cash.

The Pay Your Way campaign aims to help consumers make informed choices on making different types of payment.

Recent articles

Info Message

Our sites use cookies to support some functionality, and to collect anonymous user data.

Learn more about IET cookies and how to control them

Close