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

  • Ian Johnson, Managing Director of Europe at Marqeta

  • 04.06.2020 06:45 pm
  • cashless society

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.

 

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