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Britons more willing to bid cash goodbye.

MORE than two in five Britons would be ready to ditch cash completely if card payments were accepted everywhere, a survey suggests.

Some 44% of people surveyed for Mastercard claimed they would get rid of their notes and coins altogether if they could pay by card anywhere they liked.

Those aged between 25 and 34 were the most likely to say they would give up cash, with nearly two-thirds (62%) in this age group saying they would pay only with cards if they were universally accepted.

> Is cash on the Two in five (40%) Britons said their declining use of cash was due to the growing acceptance of contactless payments, Mastercard's survey of 2,000 people found. The limit for making a single contactless payment was increased by PS10 in September 2015, to PS30.

Nearly one in four (24%) people surveyed think cash will cease to exist within their lifetime - rising to two-fifths (41%) of 25 to 34-yearolds.

Figures from the UK Cards Association showed this week that contactless card spending has topped PS2bn in the space of a month across the UK for the first time.

A total of PS2.1bn worth of contactless payments were made in July, the Association said.

Some concerns have been raised about the security of contactless payments, although the Association has said fraud on contactless cards is rare and considerably lower than overall card fraud.

way out? Trade association Payments UK has previously predicted that debit cards are set to overtake cash to be the UK's most frequentlyused payment method by 2021, helped by the rapid rise in contactless payments.

Mark Barnett, president of Mastercard UK and Ireland, said: "Our own data shows contactless spending is growing 225% year-on-year in the UK."

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Is cash on the way out?

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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Oct 12, 2016
Words:297
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