By Claire West

One in three Brits now carry less than a fiver in cash, a study has revealed.

More than one in five (21%) Brits are
convinced physical money will disappear over the next 20 years, according to research released today as part of Skrill’s Future of Money campaign.

Researchers found that cash is being replaced by more contemporary payment methods, such as credit or debit cards, as well as digital wallets and paying with a mobile phone. Instead of paying for purchases using traditional notes and coins, we are now more likely to hand over the plastic
or make payments over the internet, with one in 20 claiming they never carry cash on them and 13% saying they would be happy to give up cash today.

The 2,000 Brits polled by Skrill, a leading provider of online payment solutions, reveal that more people are using alternative ways to pay, with 35% saying they get annoyed if a shop only accepts cash.

Around a third (30%) said they use their debit and credit cards to pay for everything,regardless of how small the purchase value, and 13% said they even buy things they do not really need or want to take them up to a minimum
transaction amount.

Less cash in the future

The research also found that in the future, instead of paying for purchases using traditional notes and coins, people are increasingly more likely to make payments over the Internet, such as with digital wallets, with 37% of
UK spending already having moved online. A very significant 82% of respondents plan to shop online next year and 38% will spend more online this year than last.