Travelex research reveals an “immovable 24%” of consumers that refuse to go cashless

Travelex research reveals an “immovable 24%” of consumers that refuse to go cashless
03.12.2018 12:54 pm

Travelex research reveals an “immovable 24%” of consumers that refuse to go cashless

Money Transfers

Travelex, the leading global foreign exchange and money transfer specialist, today released its study into attitudes towards cash and other payment technologies: Do we really want a cashless society?

The study, which looks at cash and cashless technology usage in four markets—the UK, Australia, Brazil, and South Africa—shows that a cashless society may not be a realistic ambition. In fact, the survey revealed an “immovable” 24% of consumers who will never abandon cash—no matter what technological advance or leap forward is available to them. 

In Brazil and South Africa, where cash use is more common, there is a strong desire for wider acceptance of cashless technologies such as payment cards and digital wallets. In both markets, 60% say that they are worried about having cash stolen from them which suggests fear of theft is a key driver rather than convenience. 

In the UK and Australia, however, where the use of cashless technologies is more widespread, people are happier with their use of cash. Around 80% of people in both markets say that they are comfortable using cash.

Respondents across all countries saw cash as part of their day-to-day lives. They carry cash at all times, replenishing their wallets and purses regularly at ATMs, and are unwilling to go that last extra mile and never use cash again.

Key takeaways: 

The findings suggest that cashless technologies will not replace cash completely; instead people are happier with an equilibrium between the two.

“While the proliferation of cashless payment technologies has generally led to a reduction in cash usage across developed economies, banknotes have unique properties that consumers value, such as security against fraud,” said Michael Batley, Head of Strategy, Travelex. “As long as this is the case it’s unlikely that any attempts to abandon cash completely will succeed. Even Sweden’s bid to go cashless, touted as a successful model, has seen pushback. Ultimately, only consumer demand will drive the change towards a truly cashless society and our research indicates this is further away than many realise.”

As well as revealing a lack of appetite for a cashless society, the study also reveals that opinion is split on whether it is even possible. The UK, the most ‘cashless’ country surveyed, represented the highest proportion (47%) of respondents that do not see an end to cash, closely followed by Australia (42%). 

Travelex commissioned Sapio Research to survey 1,000 consumers regarding their attitudes to cash and cashless technology across four markets: the UK, Australia, Brazil and South Africa. These four countries are at different points in the “journey towards cashlessness”, as defined by Mastercard’s Measuring progress toward a cashless societyreport, and together give a representative overview. 

Related News

Gender bias in money transfers mean migrant women in the UK pay more than men to send money abroad

Fintech InstaReM, has revealed that migrant women in the UK, despite being the primary source of... Read more »

Western Union to Present at the Wolfe Research FinTech Forum

The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement, today announced that the company will present at the Wolfe Research... Read more »

Sberbank customers can transfer money from their cards using recipient phone number

Sberbank announces that a new partner has joined its instant transfer ecosystem. 

Thanks to the partnership with international payment system WebMoney Transfer, clients... Read more »

International Payment Transfer Provider FlashFX Upgrades Additional Customer On-Boarding Security Through 4Stop's KYC and Anti-Fraud Solution

4Stop ("FourStop GmbH"), a leader in providing premium global KYC, compliance and anti-fraud technology, announces today they are live and operational within ... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App