Equifax says internet has changed attitudes to payment

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Equifax says internet has changed attitudes to payment

A younger generation raised on the process of paying for items electronically over the internet is leading to the demise of cash transactions, a spokesperson for Equifax has asserted.

Neil Munroe explained that the older generation still like to use cash to pay for things and many individuals do not have the capability to transfer money online, so cash will not disappear completely.

He remarked: "I do think there has to be some consideration for the fact that there are still a fair number of people who don't have bank accounts and therefore won't have payment cards."

But Mr Munroe pointed out that for those younger demographics who are used to buying items on the internet, electronic payment is very familiar, since it is not normally possible to use cash to pay an online retailer.

These comments follow the publication of The Way We Pay 2010, a document showing how internet banking has been on the rise over the past decade, while cash and cheques are used less and less.

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