Biometric Update: IDEX VP comments on the UK becoming a cashless society
2 July 2018
According to Equifax research, more than one-third of UK citizens believe the UK will be a cashless society within the next 10 years, reports Verdict. Cash machines around the UK are closing at a rate of 300 every month partly because of the significant increase in contactless payments for small transactions and earlier this month banking industry body UK Finance said that debit card payments had overtaken cash as the most popular form of payment in the UK for the first time.
In response to news that an ATM fee cut will likely lead to more cash machine closures, David Orme, SVP at IDEX commented on how this will move the UK further towards a cashless society with added support from biometric payment solutions.
