skip to main content
Find Insight DIY on
* * *

Digital Retail News

Retailer predicts death of cash by 2025

Paying with mobile

A recent survey of Co-Op shoppers revealed a general belief that it won't be long before paying with cash will be a thing of the past.

The survey, carried out by The Way We Pay, surveyed 2,000 Co-Op customers and the results revealed that 65% believed that they would only need a mobile phone to purchase by 2025. This is despite the fact that two thirds of transactions at the Co-Op are still made using cash payments.

“As our research shows, shoppers predict the death of the wallet in 2025, as 65% believe their phone will be all they need to pay for daily goods in the future,” the report said.

The Co-Operative was the first retailer to launch cashless payment points, rolling out 12,000 to 2,800 outlets in 2014. Though contactless payments have consistently increased in popularity, a large number of shoppers remain wary. For example, despite a contactless spending limit of £30, the report showed a number of customers using chip and pin payments for baskets worth over £10, largely due to trust issues.

“Cash is still king as people enjoy carrying money,” said Retail Chief Information Officer at The Co-Operative Group Cheryl Marshall. “However, we predict that by 2025 mobile payments will overtake cards and cash.”

Source: Insight DIY Team

If you'd like to make a comment, please email me at Steve@irg.co.uk.

For information on the Insight DIY retailer price and range monitoring services, click here.

To advertise on the Insight DIY website and download our media pack, click here.

To sign-up for our weekly newsletter here.

20 April 2016

Related News

view more Digital Retail News
*

I find the news and articles they publish really useful and enjoy reading their views and commentary on the industry. It's the only source of quality, reliable information on our major customers and it's used regularly by myself and my team.

*
Simon Fleet - Sales & Marketing Director, Thomas Dudley Ltd
Newsletters

Don't miss out on all the latest, breaking news from the DIY industry