{"id":36475,"date":"2021-07-21T14:35:47","date_gmt":"2021-07-21T14:35:47","guid":{"rendered":"https:\/\/www.zopa.com\/retail-finance\/retailer-articles\/is-the-uk-set-to-go-cashless\/"},"modified":"2025-03-03T09:44:18","modified_gmt":"2025-03-03T09:44:18","slug":"is-the-uk-set-to-go-cashless","status":"publish","type":"post","link":"https:\/\/www.zopa.com\/retail-finance\/blogs\/is-the-uk-set-to-go-cashless\/","title":{"rendered":"Is the UK set to go cashless?"},"content":{"rendered":"<p>Over six decades ago the Bank of America issued the first credit card, its success paved the way for banks around<br \/>\nthe world to issue their own cards and the rise of cashless living has remained on an upward curve ever since.<\/p>\n<p>Then came 2020, many Brits had already moved away from cash but a global pandemic forced those remaining into a<br \/>\ncashless life. Now, as we begin to return to some sense of normality, the question remains, will the UK become a<br \/>\ncashless society?<\/p>\n<p>&nbsp;<\/p>\n<h2>What are the pros and cons of a cashless society?<\/h2>\n<p>&nbsp;<\/p>\n<p>While there are many advantages to a cashless society, there are also several disadvantages which is likely why<br \/>\nwe are yet to see a society completely eliminate the use of cash.<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"50%\"><strong>Advantages <\/strong><\/td>\n<td width=\"50%\"><strong>Disadvantages <\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"50%\">\n<ul style=\"list-style: disc; margin-top: 1em; margin-left: 1em; padding-left: 1.5em; margin-bottom: 1.5em;\">\n<li>Reduced risk of crime<\/li>\n<li>Less opportunity for money laundering<\/li>\n<li>More cost and time effective<\/li>\n<li>International payments become easier<\/li>\n<li>More hygienic<\/li>\n<\/ul>\n<\/td>\n<td width=\"50%\">\n<ul style=\"list-style: disc; margin-top: 1em; margin-left: 1em; padding-left: 1.5em; margin-bottom: 1.5em;\">\n<li>Exposes people to potential data breaches<\/li>\n<li>Opens you up to hackers<\/li>\n<li>Relies completely on technology<\/li>\n<li>People find it more difficult to control spending<\/li>\n<li>It\u2019s difficult to revert back<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><\/h2>\n<h2>Advantages of a cashless society<\/h2>\n<ul style=\"list-style: disc; margin-top: 1em; margin-left: 1em; padding-left: 1.5em; margin-bottom: 1.5em;\">\n<li><strong>Lower crime rates <\/strong>Carrying cash, whether that\u2019s on your person<br \/>\nor within your business, can make you more vulnerable to crime. Criminals can more easily access your money, and<br \/>\nit\u2019s then difficult to track money theft once it\u2019s left your wallet.<\/li>\n<li><strong>Creates an automatic paper trail <\/strong>Using cash is an easy way to<br \/>\nhide illegal transactions, whether that\u2019s tax evasion or even purchasing illegal goods \u2013 criminals rely on cash<br \/>\nto hide these kinds of transactions.<\/li>\n<li><strong>Cash costs time and money <\/strong>According to <a role=\"link\" href=\"https:\/\/www.accesstocash.org.uk\/media\/1087\/final-report-final-web.pdf\">access to cash,<\/a><br \/>\nBritain\u2019s cash infrastructure costs around \u00a35billion a year to run and for businesses handling cash it\u2019s much<br \/>\nmore time-intensive than card payments.<\/li>\n<li><strong>Easier to pay internationally <\/strong> In the past when travelling<br \/>\nabroad, you\u2019d have to exchange your cash for the local currency, work out the best exchange rates and how much<br \/>\nmoney you\u2019d need for your trip, whereas nowadays it\u2019s all done for you with when you pay with a credit or debit<br \/>\ncard.<\/li>\n<li><strong>More hygienic <\/strong>The covid-19 pandemic has highlighted the<br \/>\nimportance of hygiene and as a result many businesses have banned cash payments, opting for cards instead.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Disadvantages of a cashless society<\/h2>\n<p>&nbsp;<\/p>\n<ul style=\"list-style: disc; margin-top: 1em; margin-left: 1em; padding-left: 1.5em; margin-bottom: 1.5em;\">\n<li><strong>Your privacy Is less secure <\/strong>Electronic payments leave a trail,<br \/>\nand while this brings many advantages is also means that your personal information is vulnerable to being<br \/>\nleaked. In a cashless society, we have to trust that our personal data is safe with the companies that we share<br \/>\nit with, because in the wrong hands this kind of data could be used against us.<\/li>\n<li><strong>Cashless transactions are open to hacking risks <\/strong>As technology<br \/>\nevolves and changes, so do our habits and with more people choosing to use digital payments, we\u2019ve seen an<br \/>\nincrease in online hackers. Hackers are criminals, who can access your bank account online and potentially take<br \/>\nlarge amounts of money without leaving a trace.<\/li>\n<li><strong>Technology could impact your access to money <\/strong>A completely<br \/>\ncashless society is reliant on technology. Glitches, breakdowns or even mistakes could leave you unable to<br \/>\naccess your money, and with no alternative way to pay.<\/li>\n<li><strong>People spend more on card than with cash <\/strong>Various studies have<br \/>\nshown that people find it much harder to manage their finances with digital currency than they do with physical<br \/>\ncash. Many believe that the psychology of having to hand over your cash to someone else makes people less<br \/>\ninclined to do it.<\/li>\n<li><strong>Once we\u2019re cashless there is no going back <\/strong>It\u2019s taken hundreds<br \/>\nof years to build a global cash infrastructure, and so deciding to move away from this would be a significant<br \/>\ndecision. Once this infrastructure has been removed, it would be hard to revert back.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Cash vs card in the UK<\/h2>\n<p>&nbsp;<\/p>\n<p>Today, across the United Kingdom there are over <a role=\"link\" href=\"https:\/\/www.bankofengland.co.uk\/knowledgebank\/will-cash-die-out\">\u00a370 billion worth of<br \/>\nbanknotes in circulation<\/a>, which is double the amount in 2011.<\/p>\n<p>However, in 2017 debit cards overtook cash as the most used payment method in the UK for the first time ever.<br \/>\nThis trend is not just confined to the UK either. In Sweden, cash payments have dropped from <a role=\"link\" href=\"https:\/\/www.riksbank.se\/en-gb\/payments--cash\/payments-in-sweden\/payments-in-sweden-2020\/1.-the-payment-market-is-being-digitalised\/cash-is-losing-ground\/\">40% in 2010 to just 9% last year<\/a> and the country hopes to be entirely cashless by 2023.<\/p>\n<p>It is not just cards that are vying for our transactions, but eWallets, cryptocurrency, direct debit, and<br \/>\nbuy-now-pay-later financial arrangements. And their growth has been expedited as a result of the coronavirus<br \/>\npandemic.<\/p>\n<p>&nbsp;<\/p>\n<h2>What impact has Covid had on cash?<\/h2>\n<p>&nbsp;<\/p>\n<p>Unsurprisingly, the pandemic hurt cash. Passed from person to person with no record or real hygiene its use<br \/>\nplummeted last year. Analysis of ATM withdrawals showed a <a role=\"link\" href=\"https:\/\/www.bankofengland.co.uk\/quarterly-bulletin\/2020\/2020-q4\/cash-in-the-time-of-covid\">60% fall in use from March 2019 to March 2020<\/a>. City centres and tourist hotspots saw the<br \/>\nbiggest impact with withdrawals in London falling by 81%.<\/p>\n<p>Research on the cleanliness of cash is still undetermined on the true risk it poses. The World Health<br \/>\nOrganisation say that there is no greater risk of infection from cash than any other household item, but the<br \/>\npossibility played a significant role in a decline.<\/p>\n<p>However, in reality, the impact only sped up a longer trend and the Government\u2019s decision to raise contactless<br \/>\nlimits to \u00a3100 later this year opens the door to weekly shoppers. By 2020 the UK was already ranked second for<br \/>\neCommerce as a percentage of GDP and by 2026 it is expected that cash will account for a mere 0.5% of<br \/>\ntransactions.<\/p>\n<p>&nbsp;<\/p>\n<h2>What is driving the change?<\/h2>\n<p>&nbsp;<\/p>\n<p>Research by UK Finance shows one in four spenders aged 16-34 live cashless as opposed to just 7% of all over-65s.<br \/>\nThe generation of today are likely the first to be raised in a time of purely digital currency.<\/p>\n<p>But there must be something more specific?<\/p>\n<p>Many people point to the convenience of digital payments. The security measures, both on the side of the bank and<br \/>\nfor those once walking with a wallet full of banknotes, are a plus but in modern society security at all levels<br \/>\nis complex and the simple answer to the question may simply be ease of use.<\/p>\n<p>Adoption by banks also drives the move, there are now 135 million contactless cards in operation which covers 88%<br \/>\nof debit cards in the country. From this <a role=\"link\" href=\"https:\/\/www.ukfinance.org.uk\/press\/press-releases\/contactless-now-accounts-more-quarter-all-uk-payments\">83% of people in the UK use contactless payments with no group of people falling below 75%<br \/>\nuse.<\/a><\/p>\n<p>&nbsp;<\/p>\n<h2>How will a cashless society impact retailers?<\/h2>\n<p>&nbsp;<\/p>\n<p>It is clear now that any business still taking cash only will fall behind its competitors. Although it is still<br \/>\nused today by a portion of the population, cashless living appears to be less than a decade away. So why should<br \/>\nbusinesses embrace this future? Here are a few reasons:<\/p>\n<ul style=\"list-style: disc; margin-top: 1em; margin-left: 1em; padding-left: 1.5em; margin-bottom: 1.5em;\">\n<li><strong>Security <\/strong>Gone are the days of a loaded register and piles of<br \/>\ncash in the backroom presenting a possible target for thieves.<\/li>\n<li><strong>Fraud <\/strong>Employees handling purchases are given the responsibility<br \/>\nof checking each note to ensure it is legitimate. Despite stringent measures introduced by the Bank of England<br \/>\nfraudulent notes are still in circulation and could cause damage to your company if taken.<\/li>\n<li><strong>An option for everyone <\/strong>Once upon a time a shopper leaving their<br \/>\nwallet at home resulted in lost sales and an inconvenience to their day. Now, we have services such as Apple Pay<br \/>\nand Google Pay on our phones and even watches. If your POS system can\u2019t handle these payments, it is lost<br \/>\nrevenue.<\/li>\n<li><strong>Speed <\/strong>Not only is a tap on the card reader faster for your<br \/>\ncustomers, but for your finances too. No longer are deposits needed to move cash to the bank.<\/li>\n<\/ul>\n<p>Online retailers, or high-street stores with a significant eCommerce presence, have an advantage when it comes to<br \/>\ncapturing the purchases from this new generation of alternative finance. <a role=\"link\" href=\"https:\/\/dividebuy.co.uk\/retailers\/retailer-articles\/retailer-guide-getting-started-with-interest-free-credit\/\">Interest free credit<\/a> and buy-now-pay-later systems are the next steps before a cashless<br \/>\neconomy can bloom in full. Meanwhile, other more traditional industries may feel the need to <a role=\"link\" href=\"https:\/\/dividebuy.co.uk\/retailers\/retailer-articles\/keeping-up-with-your-customers\/\">change with the times<\/a>.<\/p>\n<p>The real question perhaps is whether the UK can ever truly become a cashless society? It still seems<br \/>\ninconceivable to many of the current generation, but all signs point to yes. While we Brits still love to shop,<br \/>\nthere\u2019s a revolution coming and by the end of it\u2026 cash may no longer be king.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over six decades ago the Bank of America issued the first credit card, its success paved the way for banks around the world to issue their own cards and the rise of cashless living has remained on an upward curve ever since. Then came 2020, many Brits had already moved away from cash but a [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":36476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-36475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is the UK set to go cashless? - Zopa Finance<\/title>\n<meta name=\"description\" content=\"There are many advantages to a cashless society, there are also several disadvantages. 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