Mobile payments are cool. You won’t get an argument from us on that. But cool isn’t the same as necessary.
Apparently folks in the United Kingdom feel the same way. British banks and payment companies are investing heavily in the new technology, but UK consumers aren’t very enthusiastic, according to a new study. Now that study was conducted by Bank Machine, an operator of ATMs. So you may want to take its findings with a grain of salt. Nonetheless, we’re not surprised at all that only 17 percent of folks in the UK think a cashless society would be a convenient society.
The preferred method of the people surveyed was cash. Forty eight percent of the participants said that cash gives them the greatest level of protection. Next in line were debit and credit cards, which were preferred by 37 percent of the respondents. Ten percent of those surveyed were using contactless cards, while only 4 percent were using mobile payments through contactless technology. Ninety percent of all of the people surveyed believe that cash is continuing to thrive and that it will do so well into the future for several reasons.
You can read more about the study here.