What Will The Future Of Money Look Like?

With contactless capabilities scheduled to increase across the UK, payment technologies such as digital wallets, watches and contactless cards appear poised to expand in a big way. Will we be walletless in the next decade? And will cash be a thing of the Past?

With MBNA a being one of the business at the forefront of these technologies, our head of innovation,Gary Watts, gives his take on what we’re likely to see.

Contactless On Transport Will Gradually Turned On

Plans are being rolled out ro implement contactless payments on rail journeys throughout the UK, but changes could be graduals as the legacy catches up. Contactless technology on all rail journeys isn’t going to happen overnight, but it is looking more than likely to happen before buses are enabled with contactless technology, which is set out for 2022. Trains will win the race to contactless.

Cash Payments Could Decline By 505 in The Next Ten Years

Acceleration in contactless and mobile payments has being quicker than expected. The arrival of android pay and Samsung pay could use steeper decline in cash payments. Massive handset coverage in The UK will be the catalyst the accelerates digital wallet uptake and the decline in cash payments, When it hits the UK, it will impact the majority, 98% in fact, of costumer base.

More Over 40s Will Use Digital Payment Tech

With airlines tickets, trains tickets and other identification methods due to migrate across to our smartphones, mobiles wallets could prove popular across different generations.

Mobile wallets aren’t just for the young since their arrival, we’ve seen a large number of MBNA costumer in the over 40s age – Applepay

The majority of will the population will use digital wallet and digital currency.

While contactless spending has more than trebled over the course of a single year, alternatively payments technologies may not completely dominate the future. Most of Country may go cashless. The majority of the population will digital currency as predominant payment method, but cash will certainly still be an option.

What you think about the future of cash and crypto, drop you opinion in the comment box.