It is said London will be ready to go cashless within 20 years according to new research. In a survey carried out nearly three quarters go Londoners believe virtual money would replace notes and coins by 2036. London & Partners, the Mayor’s promotional company carried out the survey of 2000 people.
Card providers, Visa and MasterCard reported a big rise in the number of contactless card payments in addition of the use of smartphone payment apps. It is said contactless cards are used for one in 10 payments in the city and Visa estimates by 2020 half of all transactions will do done on mobiles.
MasterCard who earlier this year launched the “pay by selfie” feature using fail biometrics or fingerprint technology instead of Pins and passwords. The company said contactless spending in the UK has tripled over last year.