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IDEX Comment: Just 7% of UK shop payments predicted to be in cash by 2024

June 2021 by Vince Graziani, CEO, IDEX Biometrics ASA

Following the news that just 7% of in-store purchases in the UK could be made in cash by 2024, please find a comment below from Vince Graziani, CEO, IDEX Biometrics ASA. In this comment, Vince explores the need for greater security as we move towards a cashless society.

“The prediction that just 7% of in-store purchases in the UK could be made in cash by 2024 comes as no surprise as we rapidly accelerate towards a cashless economy. In recent years we have seen a widespread change in consumer behaviour propelling the desire for a cashless society forward – including for those who were previously sceptical of going cashless. The pandemic, in particular, has seen touch-free payments quickly become second nature for consumers, who have been encouraged to tap their card to pay for goods and services instead of using cash or punching in a PIN to minimise the spread of coronavirus.

“To support the move away from cash, however, fingerprint biometric identification in payment cards will become essential to help consumers navigate the shopping and transaction process safely, speedily and securely. By linking individuals directly to their payment card by using their fingerprint, users can be safe in the knowledge that they are the only person that can use the card, as ultimately there is nothing more secure, or personal, than a fingerprint. It will be methods such as these, that eliminate the incentive for theft or misuse of payments cards, which will enable a successful and safe transition towards touch-free and convenient cashless payments.”

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