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Payments General

24 percent of consumers refuse to go cashless, Travelex research reveals

Thursday 6 December 2018 | 10:41 AM CET

A Travelex research on attitudes towards cash and other payment technologies reveals that 24% of consumers refuse to go cashless.

The study, Do we really want a cashless society?, which looks at cash and cashless technology usage in the UK, Australia, Brazil, and South Africa, shows that a cashless society may not be something to achieve in the near future. The survey revealed an “immovable” 24% of consumers who will never abandon cash, no matter what technological advance is available to them.

The study also shows that in Brazil and South Africa, where cash use is more common, there is a strong desire for wider acceptance of cashless technologies such as payment cards and digital wallets. In both markets, 60% say that they are worried about having cash stolen from them.

In the UK and Australia, where the use of cashless technologies is more widespread, people are happier with their use of cash. Around 80% of people in both markets say that they are comfortable using cash.

Other key findings:

  • most people neither expect nor desire an end to cash; instead, they want a mix of payment methods to be available, including cash;

  • ATM use is consistent;

  • there is a core of people who will never give up cash, no matter how convenient cashless payment technology becomes;

  • cash is no longer king, but neither is it dead.

The findings suggest that cashless technologies will not replace cash completely; instead people are happier with an equilibrium between the two.

The report is available on request.

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