Since the death of Queen Elizabeth II, King Charles III has been tasked with incorporating many new and practical changes. One of which is His Majesty’s portrait, due to appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50) and expected to co-circulate with the Queen’s currency by mid-2024.
However, research suggests that Britain will become almost cashless by 2024 and in an increasingly digital world, Forbes is now referring to him as King Charles The Cashless. As such, it seems a certainty that the UK will become a cashless society under his reign. A recent report from UK Finance, the banking trade body, estimates that just one in every 20 transactions will be made in cash by 2031. This follows reports that nearly three-quarters of people prefer to use cards or digital wallets. With only 14 per cent of people opting for notes and coins.
Electronic Transactions: Top Choice
The rift between consumers and cash is so great, that more than half of people think that notes and coins will be out of circulation by 2030. Forty-seven per cent of people who rarely carry cash, say it’s for security reasons. While 82 per cent said it is easier to pay by plastic or digital wallet.
Electronic transactions are also becoming the top choice for retailers and other consumer-facing businesses who prefer the convenience, time and cost savings and security of digital payments.
A New Banking Landscape
A Convenient Cashless World
FinTechs: Delivering Solutions
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