Note from the Publisher: We had a choice today about which international news story to cover. Should it be the fire test that was so effective that it actually knocked out ING’s data system in Romania on Saturday, leaving customers unable to make online payments, ATM withdrawals or any online transactions? Much as we loved that story, we decided to cover the new £5 plastic note that the UK is placing into circulation tomorrow. Apparently, the response has been underwhelming to date BECAUSE of the increasing adaptation of fintech portals for payments instead. We chose the latter.
“The Bank of England’s plastic £5 note enters into circulation Tuesday, but the launch of the new fiver will be a non-event for the 30% of the UK population who claim only to use cash “if they absolutely have to”, according to research from Worldpay.
Indeed, one third of the 2500 consumers surveyed by Research Now believe cash will become obsolete by 2020, rendering the hoopla surround the release of the new synthetic notes as distinctly out-of-step with changing payment preferences.
The arrival of Apple Pay and Android Pay has spurred two thirds (67%) of 16-34 year olds surveyed to leave their wallets at home, instead choosing to pay with their smartphones. And it’s not just the younger generation buying in to this movement, says Worldpay, with fully 54% of UK consumers expecting their smartphones to replace their card as the main method of payment within the next five years.”