How Close Is the UK to Becoming Completely Cashless?
The idea that people used to hand over sacks of gold coins to complete purchases in the old days seems hard to believe now. In a couple of decades’ time, people will probably view cash in the same way. “People used to hand over pieces of paper to buy things?” future generations will ask, incredulously.
The UK is one of the countries that’s leading the way towards a cashless future, where all payments will be made using digital options. Most people have scrapped cash already, but it’s hard to predict when it will disappear completely.
Cash Transactions on the Decline
The decline of cash across the country has been rapid. In 2010, over half of payments were made with traditional notes and coins. According to UK Finance research from 2023, there has been a complete flip in favour of card payments and other digital options. Now, cash payments only account for around 12 percent of all transactions.
There are countless options for people to use instead of cash, with credit and debit cards the most popular. These come with the advantage of contactless payments, which people have found to be secure and reliable. Thanks to the widespread accessibility of the internet and smartphones, it’s also now possible to use other forms of digital payment in a real world setting. With these options, there’s no need for customers and till operators to handle money, which could be unhygienic.
Online Industries Leading the Way with Digital Payments
There’s a direct correlation with the rise of digital payments and the boom of internet industries over the last couple of decades. Some of the most flourishing online sectors have helped people grow accustomed to using options other than cash, allowing them to build trust in these alternatives.
Ecommerce has been a major driving force behind the fintech boom, with eBay famously partnering with PayPal and helping the payment system to get global recognition. Amazon has also thrived thanks to the inclusion of varied payment options, understanding that different people have their own preferences.
The online casino industry is another sector that has offered people a range of diverse online payment options. People who play Megaways casino games like 9 Masks of Fire and Madame Destiny Megaways can top up their accounts with various payment platforms, including Neteller, PayPal, Mastercard, and Visa. With today’s high levels of safety and encryption, customers have learned that digital payments are both secure and reliable.
Why Is a Cashless Future Inevitable?
There are countless obvious reasons why a cashless future is inevitable. Along with the fact that paper and coins being passed from person to person is terribly unhygienic, this form of money can also be lost or stolen easily. There can be mistakes when giving change to people, and it can even be invalidated if it is damaged.
In the future, when the internet is ubiquitous and infallible, there will be no need to use cash at all. There could even be new ways for people to transact, which may transcend the need for people to carry devices with them. For example, everyone may be injected with a chip that carries their financial balance on it. When they leave a shop, the cost of their purchases is simply deducted from their chip automatically.
There are still a few people in the UK who are holding onto cash, but it may not be too long before this form of payment completely disappears. With technology and internet speeds advancing rapidly, it won’t make much sense to hold cash in the future.