British consumers predict the end of coins and cheque books

  • Posted by Nicole Muller
  • August 28, 2013 11:40:36 AM BST
New research has suggested that British consumers are beginning to disregard traditional payment methods such as cheque books and certain coins in favour of more modern alternatives.

A report by Loudhouse has revealed that a huge proportion of the UK are anticipating the demise of conventional payment options and are favouring the methods offered to them through biometrics or mobile devices. Of the 5176 consumers that took part in the survey, 77% believed that certain coins will be discontinued within the next 10 years, while 76% have predicted the end of the cheque book.

It appears that electronic payment methods still remain the favourite amongst Brits, with almost two thirds of participants admitting to regularly making purchases with their a card or mobile device.

Many of those involved in the survey are also in favour of experimenting with newer payment methods, with nearly half planning to use biometric technology such as fingerprint recognition systems, as soon as possible.