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One in eight Brits doesn’t carry cash,prefer cards

Trend towards cards is potential goldmine for banks,as they charge fee for every transaction.

Britain’s Queen Elizabeth famously does not carry cash and millions of her subjects are following her lead.

A Barclays-sponsored study has discovered that one in eight Britons prefer to use cards and modern hi-tech alternatives for purchases instead of using notes and coins.

The trend towards cards is a potential goldmine for banks,as they charge a fee for every transaction. It would also save them a fortune by doing away with the need to transport notes and coins,a media report said.

The Queen can afford not to have cash on her as she has courtiers who step in whenever the need arises. For the rest,it would also in theory be possible to go for days without needing cash because of the huge range of plastic cards on offer.

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Banks are also promoting contact-less cards,where shoppers make small purchases,such as newspapers,by waving them over a till terminal.

In the study for Barclays,two-third people said they find carrying cash inconvenient. Many said receiving coins in change was a nuisance.

One in seven men said they disliked carrying coins in their pockets. One in eight people said they do not see a need to carry around real money while half said they expect notes and coins to disappear in the future.

First published on: 03-08-2011 at 05:52:52 pm
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