Monday 25 April 2016 12:01 am

A third of Londoners think cash will disappear within the next 10 years

One-third of Londoners think that cash could disappear altogether within the next 10 years, according to a poll released today.

Across the country as a whole, a big majority – 73 per cent – of people do not expect to be using cash themselves five years from now.

The One Poll/Starcom research says that people expect contact and mobile wallets to replace cash.

"This supports a wider trend we are consistently seeing where innovation around mobile wallets, wearable tech and biometric payments is fast transforming the traditional view and relationship between cash and shopping," said Pippa Glucklich, co-CEO of Starcom.

A concern for almost half of respondents was that they would end up not realising how much they were spending leading to a "lack of control of our finances and savings".

Security remains the key concern for those shifting away from cash. Over half of Londoners felt that cashless transactions were less secure; this sentiment was higher in the East Midlands where 70 per cent of respondents voiced this as an issue.

"While there are many positives to a world without physical cash, issues around security and control are quite naturally front of mind for many of us," said Glucklich.

Globally, this trend is less likely to be replicated. According to the World Bank, a third of the world population has no access to any other form of money aside from cash. And in the UK, the amount of cash in circulation has increased at a rate of five per cent per annum over the last five years. Research also indicates that 91 per cent of people in the UK withdrew cash from an ATM at least once a month.

Meanwhile the new research also brought some surprises in challenging regional stereotypes. While the average Briton carries £20 of cash on their person, those living in the north east were found to carry the most (£23) and those in the south west the least (£16).