Cashless Society Just Around the Corner?
June 26, 2018
In Sweden, a cashless society is emerging, with just 2 per cent of transaction using cash. Is the same trend heading to the UK? Why are people embracing cashless payments and how can they best be implemented?
The UK’s cashless society
It will be quite a while before the UK has as big a cashless society as Sweden, where the move is being strongly backed by government, but the trend continues to grow here. UK Finance reported that for the first time, card payments outstripped cash in the UK in 2017. 13.2bn payments were made using cards compared to 13.1bn cash payments.
Clearly cash is still popular, but this is a turning point, with card payments overtaking for the first time. And its owed to the ease of contactless payments. UK finance reported that two thirds of Brits are using cashless payments in some capacity and that 3.4 million people have reported that they have stopped using cash altogether. The speed and convenience contactless gives is turning people away from cash.
No Rush needed
While the race to cashless society is happening all over the world, there is an argument to say there’s no rush. There are some issues and hurdles of a fully cashless society that need to be recognised. For example, many people are perfectly happy using cash and uncomfortable with newer solutions, primarily in the older generation, and that’s perfectly reasonable. Cash has served them well for a long time, it wouldn’t be right to just suddenly remove cash options entirely.
Also, without cash, those without bank accounts, perhaps children, or refugees, could be limited and excluded from the economy. And how would busking or donating to charity buckets on the street work? There are some teething issues still to a complete cashless society that means the complete elimination of cash is not warranted yet.
Cashless society in the workplace
One place a cashless society can be warranted however is in the workplace. In the closed environment of the workplace, you can make an office a cashless environment with no draw backs. Instead, you just make catering at the office incredibly simple for workers. With BioStore’s solution, the same authentication employees use to gain access to the office, log-onto their computer or collect a printing job, is what they use to pay for their office meal.
Just like contactless payments, when you let an employee use a biometric, smartcard or password for authentication, you make life around the office and payments for catering, incredibly simple, secure and speedy.
Cash doesn’t need to be entirely eliminated from society just yet, but it can be done in the workplace to make a powerful internal solution.