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Consumers optimistic about future of a cashless society
30 Dec 2011

A new report has shown that consumers are optimistic they will soon be able to live in a largely cashless society.

The Contactless Barometer study by Visa Europe found that 73 per cent of people in Britain agree that contactless technology will eventually become more common than cash as a payment method, Convenience Store Decisions reports.

Furthermore, 84 per cent of respondents think contactless payments will be instrumental in bringing in smartphone transactions.

However, 13 per cent admitted they like to see information and advertising at till points to remind them they can use these methods.

Visa Europe's Mark Austin said people who have used contactless smart cards view them as the first step towards a cashless society and mobile wallets.

"The tipping point to more mainstream acceptance will be availability: the more chance consumers have to use their contactless cards, the more enthusiastic their response becomes," he added.

In November, a report compiled by Forrester suggested that Britain will be largely a cashless society by the year 2016.