Cashless Systems in the UK Inevitable?

June 12, 2018

New evidence would seem to confirm what we already know, cashless systems in the UK are coming and here to stay. Slowly but surely, the use of cash and change is dwindling as cashless systems take centre stage for payments.

Cashless Systems in the UK Inevitable

Incoming cashless systems in the UK

Cashless systems in the UK are on the rise and new figures show a drop in the use of cash. Stats from UK Finance found that back in 2006, 62 per cent of all payments were made in cash in the UK. Ten years on in 2016, just 40 per cent of payments were made in cash. UK Finance predicts that 10 years down the line, we will see a similar trend, with just 21 per cent of transactions using cash in 2026.

At the same time, in the AAT Cash & Digital Payments Survey for 2018, it found that 53 per cent of accountants stated that their clients are using less cash today than they did five years ago. Card payments, via chip & pin or contactless are taking over, whether that is online or in-stores. Carrying one card is a lot simpler for people than dealing with cash and change.

Cashless systems in UK killing change?

There is a serious question the prevalence of cashless systems in the UK is asking of the Government. Do we even need 1ps and 2ps anymore? According to reports, the Royal Mint creates 500 million 1p and 2p coins every year to replace those going out of circulation. The irony of course is that the production of 500 million coins cost more than the value of the coins created. How long should the Royal Mint continue with creating uneconomic coins when the trend towards cashless society in general is getting faster and faster?

BioStore’s cashless systems

Cashless systems are going to become more and more part of our everyday lives. Here at BioStore, we make catering a cashless experience for organisations. We can help ensure employees at a workplace use the same authentication they use to gain access to an office, computer or printing, as they use to pay for and collect catering. Using biometrics, smartcards or PINs and passwords, we make the office a cashless and convenient place.

AAT Comment: Should copper coins and £50 notes be scrapped?

BioStore Business Cashless Catering