REPORT: Here comes the cashless society

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A new survey released on Wednesday, which was conducted by Ipsos for the ING bank website, eZonomics, shows that a cashless society could be just around the corner, where the ATM machine used to be….

“More and more people will end up with a situation where they can quite comfortably get by for two days, three days, four days, even a week, without ever using cash,” said Ian Bright, managing director of group research for ING wholesale banking.

Not convinced that people will be able to quit cash altogether, Bright said that societies all over the world are definitely heading in that direction.

Conducted in 13 European countries, the United States and Australia, the survey found that “more than a third of Europeans and Americans would be happy to go without cash and rely on electronic forms of payment if they could, and at least 20 percent already pretty much do so.”

Due to the prevalence of today’s payment systems, such as contactless cards and mobile-phone digital wallets, the issue has actually taken on a political tone in some countries.

“Overall, 34 percent of respondents in Europe and 38 percent in the United States said they would be willing to go cash-free,” according to the survey, which also revealed that “21 percent and 34 percent in Europe and the United States, respectively, said they already rarely use cash.”

The data also found that “more than half of the European respondents said they had used less cash in the past 12 months than previously and 78 percent said they expected to use it even less over the coming 12 months.”

Germans have been found to be big cash carriers while nearly one-third of consumers in countries such as Poland and France said that they rarely use it.

In general, the survey found that people who live in countries where cash is king were actually the most likely to want to stop using it.

H/T: Reuters

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