When I read this line, “The UK could be living without cash in the next ten to 15 years” I thought there are quite a few people there already. Read the short article at this link: UK ‘could be living without cash in 10-15 years’.
Personally I think it is a little unlikely that cash will have disappeared by 2026. The Royal Mint don’t seem to be planning on winding their business down for then.
I do though agree that the steady march of eMoney developments will be a positive route forward for payments.
Is it a card? Is it a phone? No it’s eMoney and it will be used a whole manner of different ways. The issue of who pays for the EPOS/readers at retail is a real issue but we don’t need to suppose that the this must all be borne by the payments industry; there are huge benefits to retailers in having cashless shopping environments.
The absence of cash delivers:
- Less theft.
- Better audit trails.
- Quicker transaction times.
- No cash to be banked.
- No cash floats required.