17:05 02 February 2017
A new study carried out by a money transfer app has found that cash may no longer be in use by 2037 as generation Z turn to digital wallets.
Two-thirds of the 1,000 British adults surveyed said that they felt frustrated when faced with a “cash only” sign at a bar. Meanwhile, 48per cent of them believe that in the next 20 years, cash will become obsolete.
Mihai Ivascu, CEO of Moneymailme, which carried out the survey, said: “This generation of young people has grown up with mobile technology and for many of them using cash seems like a very dated concept, especially with the range of alternatives available to them,"
"In 2015 electronic payments overtook cash for the first time in the UK and as this generation gets older this trend is only going to continue until producing physical cash is no longer desirable.”
The survey also found that Paypal remains to be the most preferred mobile wallet being used by up to 52per cent of 18-25 year olds while Apple Pay (18per cent) and Google Wallet (9per cent) are starting to gain more market share.