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Contactless smart cards 'show a big step towards a cashless society'
19 Feb 2010

It has been advised that one of the key ways that the UK can step towards a cashless society is by the implementation of contactless smart cards.

A new study - The Future of Cash and Payments - by Retail Banking Research has found that eMoney enabled mobile phones will also help to eradicate the need to carry cash in Britain, Near Field Communications World has stated.

The report's authors have predicted that there will be a "significant increase" in the use of contactless smart card technology in European countries such as the UK and France from this year onwards.

Additionally, it is forecast that the number of cash transactions will decline by 2.3 per cent a year in Europe up until 2014.

Recent announcements from the UK Payments Council could be seen to pave the way for increasing contactless smart card uptake among consumers - the body has revealed that central cheque clearing will close altogether by 2018, meaning that by this date people will no longer be able to purchase goods using this method of payment.