New findings from Osborne Clarke reveal concerns over data privacy and security are rising, despite a reduction in the use of cash across UK
·81% of UK consumers worry about fraud in a cashless society an eight percentage point increase on the year before
· Over three quarters of UK consumers (79%) worry they would share too much data if cash were to be completely replaced by mobile payments
· UK identified as the European country most open to using biometric technology to verify individuals identity
London, UK – 11th April 2018. Despite well-reported reductions in the use of cash across the country, new research from international legal practice, Osborne Clarke, today reveals that UK consumers are now more concerned than they were a year ago about incidents of fraud and security breaches should mobile payments completely replace cash in the future.
UK consumers have open been to using alternative payment methods to cash for a number of years, to the point whereby card payments replaced cash as the number one payment method in 2016. Figures from UK Finance also predict that sales made using notes and coins will fall from 40% to just 21% by 2026. Yet, new findings from Osborne Clarke reveal that rising concerns over data security and privacy could hinder the reality of a completely cashless society.
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Cashless Economy and the End of Privacy
