Majority of British consumers see cashless society within 20 years: survey

A survey of more than 2,000 British consumers showed that 68 percent believed advanced payment technologies will completely replace physical money by 2036, according to a research released Tuesday by London and Partners, London's promotional company.

The figure is higher in London where three quarters of respondents said they thought cash would disappear within 20 years. London and Partners commissioned YouGov to survey 2,077 British adults, and the research took place in June 2016.

The consumer research by London and Partners has been released to coincide with an event at London Technology Week.

The data is supported by figures showing the rise in contactless payment technologies. Contactless spending has increased by 326 percent year-on-year in Britain, according to MasterCard.

To harness the fintech (Financial technology) innovations, the Bank of England last week announced that it will be launching a fintech accelerator program that will work with technology companies.

"Financial technology companies will change the nature of money, shake the foundations of central banking and deliver nothing less than a democratic revolution for all who use financial services," said Mark Carney, the governor of the Bank of England.

The rapid adoption of new payment technologies has been cited by experts as a critical factor in the flood of investment coming into Britain's fintech industry.

Unlike the United States, the growth of London and the Britain's fintech sector is "being boosted by collaboration between key decision makers from the financial services and technology communities, as well as the policy makers in government", said Eileen Burbidge, a well-known London seed investor and British Treasury's special envoy for fintech. Endit