‘Savvy’ U.K. Consumers Predict the End of Cash, Rise of Biometric Authentication
Aug. 29, 2013
A new report identified U.K. consumers as some of the most tech savvy in the world. London-based WorldPay commissioned research in advance of the launch a new Chip-and-PIN mobile card acceptance system that found more than three-quarters of Britons believe neither certain coins nor paper checks will survive the next decade. In addition to the demise of cash, around 60 percent of U.K. consumers predict they will be making regular purchases using their phones. Many also expect biometric authentication methods including fingerprint (48 percent of respondents), facial recognition or iris scanning (39 percent) or voice recognition technology (32 percent) to be employed to authorize payments.
“Consumers are falling out of love with cash,” said Geraldine Wilson, managing director of WorldPay Zinc. “As new technologies continue to emerge, predictions about future methods of payment—from fingerprints to iris scans—are reflective of the fact that one in three people would simply feel much safer if they didn’t have to carry cash around with them anymore.”
WorldPay’s Wilson said sole proprietors and small businesses that keep up-to-date with changing payment trends will be better placed to increase their sales, “whilst saving themselves time and energy chasing payments.”