Mintel’s UK Attitudes towards a Cashless Society Market Report 2023 examines the key issues surrounding a potential transition towards a cashless society. Our full report is packed with analysis of consumer attitudes, consumer payment patterns, and innovations in payment methods.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Although there are many positives to a cashless society, it is vital that no one is left behind. As innovations such as checkout-less stores become more commonplace, there is a risk of alienating older consumers unless an effort is made to boost digital confidence. Government awareness campaigns will be important to boost consumer understanding and show people the benefits of moving away from cash.
The vast majority of cards in issue are now contactless, adding speed and convenience to in-store transactions. Virtual cards are playing a key role in driving the use of smartphone and smartwatch payments, with further opportunity for innovation with payment rings and even smart clothing.
Purchase our full UK Attitudes Towards a Cashless Society Market Report to learn how to connect with your audience and respond to changing consumer demands.
This report, written by Adrian Reynolds, a leading Financial Services analyst, delivers in-depth commentary and analysis to highlight current attitudes towards a cashless society.
Although cash use declined during the pandemic, the cost of living crisis has seen some consumers return to cash to improve budgeting. Over half of consumers still use cash on a weekly basis and people will want choice in their payment options. Despite increasing use of mobile wallets and the continued innovation of digital payment methods, the transition to a cashless society will be slow. Consumers will need reassurances over privacy and that moving away from cash will not discriminate against vulnerable people.
Adrian Reynolds
Principal Analyst – Financial Services
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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