New research from 888 Casino has suggested that Great Britain could become a cashless society by the next decade with the coronavirus pandemic accelerating the use of digital payments.
A survey from the 888 Holdings’ casino brand found 46% of Brits who were questioned predicting cash may be irrelevant as soon as the 2030s, with 49% saying they have been put off using cash forever, due to the pandemic.
The research supported the fact cash has been declining over the past several years, with 25% of people surveyed stating they use cash as a payment method less than once a month.
The survey showed how cryptocurrencies are becoming more prominent, with 26% of 25 to 34-year-olds, or Millennials, in the UK already investing in some form of the digital currency.
Cryptocurrencies have gained popularity due to the influence of Elon Musk and the likes of Tesla accepting it as a payment method, which saw it break through $50,000 last week.
Casino vice president at 888 Casino Talya Benyamini, said: “At 888 Casino, the prospect of including cryptocurrencies on our platforms in future is on our radar, especially as it becomes more popular with the general population. It seems to be the way the world is going, and fast.”
Katharine Wooler, MD of digital asset exchange, Dacxi added: “Now, the public is used to very rarely spending physical cash, and it is likely that soon the limit for touchless payments will rise to £100 ($141.61). Society is therefore almost cashless already, and I can only see this continuing as the technologies that facilitate this become dominant.”
The gambling industry has also experienced a cashless transformation with land-based venues closed for much of 2020, leading to a spike in online play which shows no signs of letting up.