January 8, 2019 ( PR Submission Site ) The study conducted by Travelex explores consumers’ attitudes towards cash and cashless technologies in the UK, Australia, Brazil and South Africa.
In Brazil and South Africa, where the majority still uses cash, there is a stronger desire for more widespread use of cashless technologies such as payment cards and digital wallets.
60% of consumers surveyed from these countries state that they have worries about cash theft, reinforcing the idea that convenience is not primarily the ulterior motive for cashless implementations.
In the UK and Australia, where cashless technologies are more commonly used, 80% of consumers say that they are comfortable using cash. However, respondents across all countries always carry cash and are unwilling to go that last extra mile and never use cash again.
“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,” said Michael Batley, Head of Strategy, Travelex.
“As long as this is the case it’s unlikely that any attempts to abandon cash completely will succeed. Even Sweden’s bid to go cashless, touted as a successful model, has seen pushback. Ultimately, only consumer demand will drive the change towards a truly cashless society and our research indicates this is further away than many realise.”
The report is available on request. Please email press@travelex.com
To view more about Travelex and their services, visit https://www.travelex.com.au/
