May UK become a cashless society by 2020?

Well, is it possible to stop using cash in our today’s world? To find out , let’s see what experts have to say about this: According to a McKinsey Report, in 2010 , 2.5 billion adults — just over half of the world’s adult population, did not use formal financial services to save up or borrow. Despite the movement towards financial inclusiveness, in 2017 there are still about 2 billion people in the world without formal banking. Also, there is is an important statistic to take into account, that being — 80% of the population does not have a bank account but 63 out of 100 people use mobile phones.

Experts expect this factor to help with solving the banking services availability problem as it provides an opportunity to unbanked individuals to access banking services via their mobile phones. So The MicroMoney company has developed an app, which gathers 10,000 parameters while analyzing information from one’s smartphone. We analyze this Big Data using our AI Neural Network Scoring and this is enough to obtain a loan approval decision in just 15 minutes. To borrow money using our MicroMoney app is as easy as to order an Uber. Hence ,you will get your loan on your e-Wallet.

So far, from what we can see — people without bank accounts may still use not only cash dye thanks to modern technologies.

How about The Great Britain? Could it live the paper money behind? The findings of Halifax, reveals that British teenagers are now far more likely to ask parents for a transfer via bank account rather than asking for cash. Experts think that it is a clear sign that Britain is well on its way to become a cashless society already by 2020. PPRO Group’s research found out that paper money is rapidly becoming redundant in today’s increasingly connected society with 33% of the UK citizens stating that they don’t use cash anymore. Predictively , this number will rise up to 51% among millennials . Meanwhile older generations prefer having coins with the profile of the Queen in their purses and only 27% prefer to shop online. However ,in general, more than a quarter of British people find it irritating and uncomfortable when they need to use cash rather than a credit card or a mobile as well as other contactless payments.

Online payments provide a great ability for one to save money as well as one to be able to keep track of one’s budget via special apps. It’s the time when cryptocurrencies play a great role — people already realized how reliable it is to raise funds via ICO or ITO, or by purchasing tokens of interesting projects.

Last but not least, cryptocurrency has various forms : It can be a kitten, a card with a celebrity face on it , or a well-known bitcoin.

Currently , our MicroMoney team is working on the new e-Wallet — one for all currencies — from fiat to crypto. We sincerely hope British citizens will appreciate it as our app will help them change their views on cash , so one will no longer have to use cash to complete payments.

Stay tuned for more information about our new revolutionary project.