According to a recent research from Lloyds Bank, 22% of those surveyed think they will be regularly using their fingerprint to make those payments and 7% think they will use a microchip embedded in their body.
The survey, based on the responses of more than 2,000 UK adults, found more than a third of UK consumers (34%) expect to use a mobile device to make everyday payments in the next five years.
It also reveals that nearly half (48%) expect to be using contactless payments on a daily basis in the next decade, with more than 4 in 10 (43%) agreeing that contactless payments are the future.
However, almost half (47%) do not feel that mobile payments will ever be a main method of paying for goods and services — 59% of which were aged 45 and over.
When asked about why they don’t currently use mobile to make payments: two in five (44%) said they do not think it is secure or safe; 18% do not have the right phone; 17% do not know anything about mobile payments; 16% do not know how to use the technology.
Among the survey’s other findings: a quarter think they will no longer need cash to pay for goods and services within five years; the majority believe they will still be using credit and debit cards (63%) as well as cash (52%) in the next 10 years; half of those aged between 55 and 75 are likely to think that they will always need to have cash, compared to 40% of those aged between 18 and 54; women are significantly more likely to think they will always need to have cash in the future (46%) compared to 40% of men; 39% believe they will no longer need cash to pay in 10 years and 48% believe they will no longer need cash in 20 years.
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