The British did not use cash for weeks due to an epidemic.


Due to coronavirus, more and more consumers prefer cashless payments.

Residents of one country in Europe did not use cash for weeks due to the epidemic. Photo:

After the introduction of quarantine restrictions, the British did not use cash for about 44 days on average, prioritizing contactless payments. This is evident from the data of a new survey by the Special Bank Nationwide Building Society.

Therefore, of the 2 thousand people surveyed, more than a quarter lived without cash for two months or more. Nearly a third of respondents admitted that they do not remember the last time they bought something for bills or coins.

According to the data, since March 23, among Nationwide Building Society customers, one-touch payment operations have increased 44%.

Cashless payments can become a long-term trend, as noted by Finestra. So, half of the respondents said that in future they will use fewer notes and coins. More than a third of respondents said they did not want to use cash during an epidemic. 61% of the respondents said that they have started using other payment methods.

It is clear that since the onset of quarantine, approximately 68% of women and 56% of men have reduced cash usage. The majority of reductions are seen by consumers aged 55 and older – 75%, by consumers aged 35 to 44, by 57%, then by youth aged 16 to 24 – by 48%.

According to a survey by Hitachi Capital, two-thirds of the over 55 surveyed British felt more comfortable using cashless payments during quarantine. Also, more than half of the rural residents expressed readiness to switch to non-cash payments, and 7 out of 10 respondents said they felt more comfortable using alternative payment methods during quarantine.

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Earlier, we wrote that more and more Europeans are refusing cash in favor of one-touch payments. Coronovirus played an important role in this. Thus, according to a MasterCard survey, nearly half of Europeans (42%) began using less cash during the COVID-19 epidemic, and 17% abandoned cash altogether. At the same time, about eight out of ten payments with MasterCard cards in European countries are non-contact (78%).

Read: How Coronovirus Affects Contactless Payments in the World (Infographic)

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