Hitachi Capital UK’s research of 2,000 UK consumers shows 55% of those living rurally now feel prepared for the transition to a cashless society. In addition, 70% of those in rural areas are more comfortable using cashless payments since the lockdown began – more than those in urban areas (66%).
The research also shows that 68% of consumers are now more accepting of making cashless payments since the Covid-19 outbreak, while 52% feel prepared for a transition to a largely cashless life. One in ten consumers have gone contactless for the first time, the poll revealed.
Across the age groups, 66% of over 55s feel more comfortable in using cashless payments since lockdown began. The research shows they aren’t far behind younger counterparts, as 16-24-year-olds were only slightly more comfortable making cashless payments (67%). Those aged 35-44 years old came out on top (72%), followed by 25-34-year-olds (70%) and 45-54-year-olds (69%).
However, the research reveals prevailing concerns about the shift to contactless payments that need to be addressed: fraud (42%), cashless payments acceptance availability (31%), and dealing with technical issues (30%).
Vincent Reboul, managing director of Hitachi Capital Consumer Finance, said: “Our research shows that across age groups and different areas of the country we’re experiencing a seismic shift towards a cashless society, even in rural areas, which was previously a concern. During lockdown consumers have become more adept at leading a predominately cashless life.
“As the high street starts to open up, this should give businesses the incentive to launch or expand their e-commerce channels and invest in direct delivery models to adapt to the changes in consumer behaviour.
“Retailers who can successfully replicate the in-store experience online and create a seamless end to end journey will complement the greater willingness and confidence amongst consumers to make payments by more technologically advanced means.”
