Brits expect cash to disappear within 20 years

British consumers expect the country to become a cashless society within 20 years, according to a new survey by London and Partners, the Mayor of London’s promotional company, to coincide with London Technology Week 2016.

The survey of more than 2,000 consumers shows that 68 percent believe that cashless technologies will completely replace physical money by 2036. With the figure being higher in London, where three-quarters of people responded saying they thought cash would disappear within 20 years.

This data supports a separate study by Starcom, which stated that one-third of British people believe cash will be a thing of the past within the next 15 years.

The Starcom report that surveyed 1,500 people, revealed that while many have reservations about relying less on physical money, some 73 percent believe that they won’t have to carry cash at all within five years’ time. Instead, mobile payments and contactless services would be the norm.

Of the denominations to first suffer, the British public believes that the one penny coin will disappear first, followed by the two pence coin and the 50-pound note.

Pippa Glucklich, co-chief executive at Starcom, said: “Whilst there are many positives to a world without physical cash, issues around security and control are quite naturally front of mind for many of us. Unsurprisingly, in terms of age, Millenials will most easily adapt.

“All brands and businesses need to think about how they engage, inform and guide consumers through this transitional journey. Those at the forefront of embracing the technology on offer to make this transition will clearly have the edge.”