Infographic: here’s what the future of payments will look like
Physical cash has been the predominant payment method for millennia. MBNA predicts how the UK will transition to a cashless future in an infographic.
According to MBNA’s head of innovation, Gary Watts, the first step will be wider use of contactless payments on transportation across the UK, as a nod to Tfl’s early adoption.
Watts also expects cash payments to decline by 50 per cent in the next ten years, and for a larger proportion of over-40s to adopt digital payments.
>See: Tossed goes cash-free