The ING International Survey Mobile Banking 2014 found about half of the more than 12,000 people in 13 countries polled use cash “much less” now than they did a year ago. And of these, the majority think their use of cash will fall even more in the next year. Cash is being used less, and the survey gives insights into the ways people are changing the way they pay.
People in Romania and the Czech Republic are most likely to feel confident their money is secure using contactless technology, the survey shows. But people in France, Luxembourg, Austria, Germany and the United Kingdom are more wary. In the UK in particular this is perhaps because there has been publicity around “card clash”, caused by touching more than one card on a reader at the same time.
Change or the same
The survey also highlights that some people like change, while others like “the same”. Reluctance to change is sometimes driven by inertia, a powerful force that can have negative as well as positive implications for personal finance.
Safe and sound2
Czechs have the lowest share who agree cashless payments make it more difficult to manage money. But they are also relatively confident in contactless payment security.
Reluctant to change3
The French have high interest in money matters but seem reluctant to use new technologies. In France, 57% feel contactless isn't secure.
Are digital currencies the future?4
Turkey has the highest share (36%) who agree digital currencies like Bitcoin are the future of spending online. The survey low is 8%, among Dutch people.
Shopping on the move5
In the United Kingdom, impulse shopping hits a survey high. The Brits are voracious shoppers on mobile devices – topping the list for buying groceries, music, games and furniture via their mobile.
People in Belgium are saying “goodbye” to cash, with the highest share in our survey saying “I prefer to pay for everything on card”.
This article is related to the ING International Survey:
Mobile Banking 2014
May 29, 2014
Mobile banking allows people to manage their money on the go. But what types of people use it most? In the ING International Survey on Mobile Banking, Social Media and Financial Behaviour 2014, we asked more than 12,000...