Cash 'will be obsolete by 2030'

Cash will be consigned to the scrapheap within 20 years as technology drives new methods of payment, over half of all Britons believe.

Some 52% of people think notes and coins will be out of circulation by 2030, a survey by MyVoucerCodes.co.uk shows.

Iris recognition technology will become a typical method of payment, alongside traditional means such as credit and debit cards, according to 11% of respondents.

Cash already appears to have fallen out of favour, with nearly three-quarters of people preferring to use cards for payments and only 14% saying they would opt for notes and coins.

Of the one in three people who say they rarely carry cash, 47% say it is for security reasons and 82% said it is easier to pay by plastic.

But cash is not as unpopular as cheques - 83% said they had not used one in the last five years.

Farhad Farhadi, personal finance expert at MyVoucherCodes.co.uk, said: "I think it is quite possible that notes and coins could be obsolete within the next twenty years.

"Debit cards were only introduced in the mid-70s and since then paying by plastic has drastically increased in popularity."

MyVoucherCodes questioned 1,938 people during June and July.

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