UK finance finds that 7.4 million in UK living "almost cashless" lives

 UK finance finds that 7.4 million in UK living

Ian Johnson

Managing Director of Europe at Marqeta

Views 611

UK finance finds that 7.4 million in UK living "almost cashless" lives

04.06.2020 06:45 pm

These findings show that even before COVID-19 struck, digital banking was increasing exponentially. As more people adopt online and mobile banking, the demand for greater personalisation, flexibility and value that consumers expect from their providers will increase. For banks and fintechs, this means they’ll need to quickly launch new services and features to stay competitive and retain customers. Underpinning this will be the need to deliver seamless digital payment experiences. This is where modern payment platforms play a vital role, helping banks and fintechs to rapidly develop and launch new payments services such as digital wallets and ‘cards that think’ to meet rising demand.

However, it’s important to remember that digital banking apps and services aren’t an option for everyone. Many people are still reliant on cash and their local bank branches. To go cashless, we must educate society to show everyone how to live in a world without cash. Until this has been addressed, going cashless risks leaving the most vulnerable in our society behind.


Latest blogs

n/a n/a

How COVID-19 Is Ushering In a New Era of Cashless Technology

  Image source:   Cashless technology isn't a completely fresh concept. People have been using credit cards for decades, and the market for fintech services has been Read more »

Jean Shin tyntec

Using WhatsApp for 2FA is the Future of Banking

From user authentication and password resets to transaction verification, two-factor authentication (2FA) offers basic but useful protection for consumers. The 2FA process typically sends an SMS sent to the customer with a one-time password (OTP). Read more »

Amir Ghodrati App Annie

The Role of Fintech Apps in Navigating This Period of Financial Insecurity

Economic instability has been ricocheting throughout the stock market in the wake of the global coronavirus pandemic. Its effects have been felt across all industries, with winners and losers’ across different sectors. So, how has fintech Read more »

n/a n/a

How to Choose a VPN for Digital Privacy & Security

In a world where almost everything is connected, and where hackers and other malicious people are roaming the internet, it is always advisable that you take every precaution that you can to enhance your data security and privacy protections. Using a Read more »

Ben Slater Instaclustr

The Case for Adopting Open Source – Own Rather Than Rent the Foundations of Your Business

For some time open source was seen as something that only the biggest companies could use and play with. But with the modern, increasingly fast business environment, the use cases for open source are in everything and the technology is increasingly Read more »

Related Blogs

Will Hurst Monevo

Will Covid-19 Turn the UK into a Cashless Society?

Governments are encouraging consumers not to use cash since the Covid-19 outbreak. However, we were already seeing a steady decline in cash payments and a transition toward digital. Will Hurst, Head of Commercial Development at Monevo explains. Read more »

David Orme IDEX Biometrics

Benefits of a cashless society

Our spending behaviour in the UK is certainly far different from what it once was. After all, how often do you now purchase goods and services using cash or coins? For many of us, physical currency is proving to be a thing of the past. In an age of Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel