Finance Monthly October 2019 Edition

s the UK fast progresses towards a cashless society, consumers have made it clear they are not prepared to give up their bank cards. Research by IDEX Biometrics ASA has revealed that three quarters (75%) of UK consumers are concerned about the UK becoming a cardless society, where they no longer have access to a physical debit card and could only rely on mobile payments. Evidently, UK consumers are actually more worried about the idea of a cardless society, than a cashless one. For more than a third (37%) of consumers, as long as they have a debit card, the thought of a cashless society doesn’t bother them. Maybe not surprisingly, this is even more pronounced among young consumers, with 53% of 25-34-year-olds unworried about our growing cashless society, providing they still have a bank card. The banking industry needs to future-proof payment cards as UK consumers are still not ready to give up their bank cards IDEX Biometrics ASA DO YOU TAKE CARDS? PAYMENT CARDS STILL RULE IN A CASHLESS SOCIETY 46 www.finance-monthly.com FINANCIAL INNOVATION & FINTECH - CASHLESS SOCIETY