Cashless society security concerns remain, Equifax

Cashless society security concerns remain, Equifax

37% of Brits believe the UK will be a cashless society within the next 10 years, according to Equifax research. The company surveyed 2,002 people and found that 53% of 16-34 years olds think we’ll be reliant on digital and card payments by 2028, compared to just 22% of those aged 55 or above.

But while the use of cash is declining, it still has its fans, particularly among older consumers. In the survey, conducted with Gorkana, respondents said coins are their top payment choice for vending machines (60%), parking meters (57%), charity donations (53%), and buses (52%), and paying with notes is the preference for taxis (42%). While 46% of people use cash less often that they did three years ago, 54% of respondents use it either as or more often, and 59% think shops, cafes or market stalls that only accept notes and coins are convenient.

When it comes to digital payments via contactless cards and online transactions, some people are still wary about security. 27% of respondents don’t feel confident payments via websites or contactless cards are secure, and 26% think it’s difficult to track money spent using digital methods.

Sarah Lewis, Head of ID and Fraud at Equifax, says: "The shift to digital payments in the new economy raises important questions about the role of different payment methods, and highlights the need to balance the convenience people want with security. As digital and online payments continue to grow, so too does the associated fraud. It’s vital that new technology is maximised to give people the reassurance they need as they change the way they spend.”

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