Retailer predicts death of cash by 2025

A recent survey of Co-Op shoppers revealed a general belief that it won't be long before paying with cash will be a thing of the past.

The survey, carried out by The Way We Pay, surveyed 2,000 Co-Op customers and the results revealed that 65% believed that they would only need a mobile phone to purchase by 2025. This is despite the fact that two thirds of transactions at the Co-Op are still made using cash payments.

“As our research shows, shoppers predict the death of the wallet in 2025, as 65% believe their phone will be all they need to pay for daily goods in the future,” the report said.

The Co-Operative was the first retailer to launch cashless payment points, rolling out 12,000 to 2,800 outlets in 2014. Though contactless payments have consistently increased in popularity, a large number of shoppers remain wary. For example, despite a contactless spending limit of £30, the report showed a number of customers using chip and pin payments for baskets worth over £10, largely due to trust issues.

“Cash is still king as people enjoy carrying money,” said Retail Chief Information Officer at The Co-Operative Group Cheryl Marshall. “However, we predict that by 2025 mobile payments will overtake cards and cash.”

Source: Insight DIY Team

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