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BizReport : : October 17, 2012

Skrill: Fumbling with loose change soon a thing of the past

New research released this week by online payment solutions firm Skrill reveals the increasing use of alternative payments and the decreasing use of cash by shoppers in the UK.

by Helen Leggatt

logo-skrill.jpgCredit cards, debit cards, digital wallets and mobile payment solutions are slowly eroding the need to carry cash in the UK.

In fact, according to UK-based Skrill, 1 in 3 UK consumers now carry less than five UK Pounds in cash ($8), barely enough to buy a coffee and snack in a cafe. One in 20 already go about their day cashless, and another 13% would be happy to give up cash today.

"Consumers are finding it quicker and easier to click a button than fumble with their change. With only 3% of payments in Sweden still made in cash, the coming years are going to see radical changes in this area," says Siegfried Heimgaertner, Skrill CEO.

In terms of the future of notes and coins, over 1 in 5 UK consumers believe physical money will disappear within the next twenty years with a third (32%) saying they believe they will use less cash over the next ten years. Already, UK consumers are using cash to pay for less than a third of their weekly purchases and become annoyed when a store they visit only accepts cash.

Over half of Brits believe digital wallets or online cash transfers will increase over the next five years, while 42% said they will use their debit cards more. Today's youngsters are familiar and comfortable with online and mobile technology, and there's little doubt the move towards a cashless society will speed up as they begin to earn and spend.

Tags: consumer attitudes, consumer surveys, credit card marketing, ecommerce, mobile payments, mobile shopping, online payments, payment solution, payment trends, UK

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