Paypal believes the UK is "getting very close" to eliminating cash, stating that digital transactions could become the most popular form of payment by 2016.
John Lunn, director of innovation at Paypal made the claims at this year’s London Websummit conference, discussing whether the concept of pocket change could soon become a distant memory.
"We keep on saying this will be 2016, I think we are getting pretty close now, I think people are getting fed up and it’s expensive."
Lunn went on to discuss the state of the UK High Street, highlighting the struggles of High Street retailers as the reason behind Paypal’s move into the ‘real world’ with its new chip-and-pin service, Paypal Here.
"Merchants are in trouble, and that’s how we are making our move into the real world," said Lunn, "Big companies are churning out a business everyday but the one thing the internet has done is make it incredibly easy to sell stuff, which has put price pressure on small retailers, who have got costs internet companies don’t have, and they are in trouble."
Lunn identified the issue as the result of big corporations, who eliminated the personal nature of the High Street by focusing on the masses rather than the individual.
"In the ’60s you’d walk into a shop and they knew who you were and what you wanted and you were treated like a human being," Lunn continued, "When the big companies came in they treated people like cattle."
Cash image from Shutterstock