Is the UK Becoming Cashless?

Is the UK becoming cashless?

It’s time to discuss cash. Have you wondered why our ATM machines are disappearing? Or why at a restaurant your waiter automatically brings over a card machine? This might be because the UK is on the road to becoming a cashless society. The amount of cash payments being used is decreasing. Whereas, the number of contactless card payments is increasing.

cashless

The decrease in cash payments

No one knows for sure who first invented such money, but historians believe metal objects were first used as money as early as 5,000 B.C. This proves that cash has been a huge part of society for thousands of years.

We all understand that cash is important in day to day life. It is convenient for many things like little payments in the car park at work or paying for the kids after school activities, but even more importantly, cash helps massively when we are trying to save. Putting money in tubs or jars is one of the most efficient and useful ways to save up.

The increase of contactless payments

Contactless payments are continuing to grow and grow all the time. They have been designed to make life easier for consumers. You are able to pay using contactless through your mobile device, apple watch or contactless card making it a lot easier than using cash as most people don’t leave the house without their mobile phone anymore.

In July 2019, the number of contactless transactions was higher than ever reaching a sum of 766 million. This is a huge increase from 650 million contactless transactions in July 2018. These figures show that many of us are now reaching for our phones or cards for smaller purchases instead of cash.

According to The Guardian 1 in 10 adults in the UK have gone cashless, as well as this 7 in 10 adults use contactless payments. There is no doubt that this number will rise over the next couple of years.

Changes to society

According to the Independent, by 2027, cash will barely account for 1 in 10 transactions. Although, at the moment this seems unlikely because 1.3 million brits still do not have a bank account and 2.2 million people who rely on cash for their everyday spending. Although contactless is an easy way to pay, do you think it is a better idea than cash?

Why is contactless a good alternative to cash?

Contactless is any easy way to purchase items which are under £30. Are you one of those people who always forget their purse? Or somebody who forgets to bring a few pounds in case of an emergency? But, somehow never manages to forget their phone? Contactless is a perfect option for you. Most modern smartphones allow you to use contactless payments through your phone.