Whether you're buying online or at your local convenience store, there are plenty of ways you can pay. But while customers have become accustomed to this plethora of payment choices — and most won’t complete a transaction[1] if their preferred method isn't available — it seems none of us are ready to give up cash for good.

While challenger banks have captured the imaginations of increasingly digital-savvy consumers, we're a long way away from mass adoption.

Do digital banking and cash create two parallelly existing worlds? The cooperation between Monese, one of the fastest growing, most popular and trusted banking services in the UK and Europe, and Paysafecash shows that those worlds not only complement each other but also offer more choice and flexibility for customers with different needs and payment preferences.

The growth of digital only banks such as Monzo, Starling Bank, and N26 as legitimate challengers to high street incumbents is one example of traditional financial services becoming more digitised.

The rise of digital-only banks is perhaps the most significant impact on the banking sector in a generation, or even longer. New competitors such as N26, Monese, Starling Bank, Monzo, and First Direct have revolutionised how consumers interact with banks and their products, providing genuine competition to high street banks that have monopolised the industry to date.