With all of the digital options now available for us to pay, investing in cash notes and new coins seems like an illogical move for the UK to make.
The Bank of England has given itself until 2020 to update all notes bar the £50 note. The new polymer notes are said to be cleaner and harder to counterfeit or damage.
But cash opens up a gateway for fraud, crime, tax evasion and terrorism. It’s harder to control and account for, so, why are we still using cash when there’s so many other ways to pay?
There are a few factors to consider. An aging population is one. The older generation are reliant on cash and more trusting in it. This less technically savvy generation rely on having access to cash for all of their day to day requirements. As do some businesses in smaller towns and villages. Many small businesses still only accept cash payments, whereas others are moving onto a wholly cashless operation.
Remote areas that suffer from limited internet access can’t rely on digital payments such as debit cards, credit cards and phone payments. Without being able to have a flawless connection, the UK can’t move over to a cash-free currency.
What’s really missing is for the switch over is exceptional coverage, everywhere, as well as flawless, secure technology that is easier than paying with cash. Maybe we’ll all be paying with our finger prints in ten years’ time.
Let us know what you think! Email hello@9group.co.uk we’d love to hear from you.
