Vlad Yatsenko , CTO of bank Revolut , has suggested the bank could be a cashless society within the next 10 years , though it lacks the infrastructure to ensure wider adoption . While countries such as China , Sweden and even Somaliland have implemented contactless technology , Yatsenko said consumers had serious issues with financial institutions , while the country still " had a long wait to go until all traditional banks fully adopt cashless technology " . In 2017 , non - cash transactions increased by 10.5 % to 552.4 billion , according to a World Payments Report .
Vlad Yatsenko, CTO of neobank Revolut, has said the UK could be a cashless society within the next 10 years, though it lacks the infrastructure to ensure wider adoption. While countries such as China, Sweden and even Somaliland have embraced contactless payments, Yatsenko said consumers had trust issues with financial institutions, while the country still "had a long way to go until lumbering traditional banks fully adopt cashless technology". In 2017, non-cash transactions increased by 10.5% to 552.4 billion, according to a World Payments Report.