IMN Content - Lifestyle and Consumer Content

Britain to be Cash-Less in 5 years

The UK is five years away from going cashless - with a new report showing 2016 will be the year when most of us will be using mobile phones, tablets and even games consoles for our transactions.
Finance, Lifestyle - 24 November 2011   Download IconContent available for download:  
Audio | Interview with Rob Skinner| Login to Download

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The ‘digital switchover’ - significant buzzwords of recent years when to comes to our household appliances. However a new report out today reveals we should be preparing for a ‘digital switchover’ in our wallets too. Experts determine 2016 to be the year when the UK goes 'cash-less' - when we ditch our wallets and head to the high street with only a digital device in hand.

Be it a mobile phone, tablet or even a games console the findings suggest babies born today could become the first ‘cash-less generation’ - far more familiar with ‘digital money’ than cash, cheques or cards. With 14 million adults already regularly shopping via their mobiles, flexible retail is clearly paramount for UK consumers - with mobile retail sales expected to reach £2.5 billion by 2016.

‘Fingertip’ access means boundaries between the online world and the high street are soon to disappear and the next five years will see digital payments accepted more widely than ever on the high street.

. Introduction:

Until now, paying for goods on the high street using mobile phones, tablets or games consoles seemed like something reserved only for sci-fi films. However, with the younger generation fast becoming ‘cash-less’ - more familiar with so called ‘digital money,’ a new report has revealed 2016 as the year when all of us ditch our wallets and head to the high street, with only our digital device in hand.

With 14 million adults already regularly shopping via their mobiles, how is the way we pay for things changing and what can we expect in the future?

Joining us to discuss this further is Rob Skinner, specialist in digital payments at PayPal.

. Suggested Questions:

What does the research reveal about mobile shopping in our area?

How will this change how we shop?

What does this mean for our high street stores?

Why are people turning to these new ‘digital’ methods of payment?

What are the predictions for the future in terms of how we will pay for things?

What advice do you have for anyone who feels they may be lacking in digital shopping skills?

Are there any examples where this has happened already and where this technology is already been used?