Nearly a quarter of consumers refuse to give up on cash – no matter how convenient cashless payments become, a recent survey has revealed.
The survey, commissioned by foreign exchange specialist Travelex, polled 1 000 consumers on cash and cashless technology usage in markets including South Africa, the United Kingdom, Australia and Brazil.
It found that 24% of consumers continue to use cash no matter how advanced cashless technology becomes. It also found that getting rid of cash is most popular with consumers aged between 36 and 45 years, compared to younger millennials.
The four countries polled are at different points in the "journey towards cashlessness", as defined by Mastercard’s 'Measuring progress toward a cashless society' report, and together give a representative overview, Travelex said in a statement.
Is a cashless society possible?
In the UK, the most 'cashless' country surveyed, 47% of respondents do not see an end to cash, closely followed by 42% of those representing Australia.
According to Michael Batley, Head of Strategy at Travelex, banknotes offer security that consumers value. "While the proliferation of cashless payment technologies has generally led to a reduction in cash usage across developed economies, banknotes have unique properties that consumers value, such as security against fraud.
"As long as this is the case it’s unlikely that any attempts to abandon cash completely will succeed," he added.
Surprising result
Respondents across all countries saw cash as part of their day-to-day lives, with a large percentage unwilling to commit to giving up cash for good.
The survey also found that where cash was less common, there was far less desire to go 100% cashless.
In Brazil and South Africa, where cash use is most common, there is a strong desire for acceptance of payment cards and digital wallets. In both markets, 60% of consumers say they're concerned about their cash being stolen. According to Travelex, in those markets "fear of theft is a key driver rather than convenience."
However, in the UK and Australia, where the use of cashless technologies is more widespread, people are happier with their cash, with around 80% of people in both markets saying they're comfortable using cash.