Media playback is unsupported on your device

Consumers 'hesitant' about cashless payments

30 May 2013 Last updated at 10:37 BST

We have been told for years the cashless society is on its way. It is getting closer but is still a long way off. Cash accounts for half of all transactions but newer forms are muscling in and the changes are more profound than just "sticking it on the plastic".

Eden Zoller, consumer analyst at technology consultancy firm Ovum, told Today business presenter Simon Jack that contactless payments, involving waving a card in front of a reader, are increasing but remain modest.

And she added that consumers and retailers are "more hesitant" than technology providers about using novel payment methods.

First broadcast on BBC Radio 4's Today programme on Thursday 30 May 2013.