Britain is heading toward a cashless society but repercussions can be awful. Millions of citizens use banknotes and coins as they are not familiar with digital modes of transactions. Further what about those people who are in debt and living in rural areas?
Last year debit cards overtook cash. According to the Access to Cash Study, cash transactions have halved in the past decade and the fall is expected to continue until the next 10 years.
“Many people still feel the need of using cash and therefore we need to safeguard it,” said Ms. Ceeney, “but at the same time, we need to ensure that all citizens are helping us to make it a digital economy.”
This may deter unscrupulous elements in the society who are always after cash. No pilferage would emerge if there was never cash available in physical form.
But situations are not always alike everywhere. There are still some cases where cash transactions are frequent. 74% of donors use cash and 84% of sweepers and cleaners are more often than not paid with notes and coins.
Considering all factors, a study was done to highlight benefits as well as the hazards of turning Britain into a cashless society. While many entrepreneurs reported that they faced no losses and difficulty in embracing debit cards for transactions, many RISKS were also highlighted in the report.
Around 2 million people rely on cash for making transactions and chances are they will be left excluded from the digital society if they are reluctant to use digital payment modes for many reasons.
Further, the cashless campaign has caused alarm bells to ring among Britons, as digital systems cannot be always reliable with multiple IT failures that have left customers hacked off and unable to access online banking or card payment.
This has become a significant concern among people and this is why they still want to have money in their pockets.
“The majority of the British are committed to cash for transactions and therefore all payment market participants must respect it,” said the director of the European ATM Industry Association.
UK Finance has declared that people should be free to use any mode of transaction. Cash transactions though have plummeted and continue to decline, it will still be the second mode for payment in upcoming years, after all, it is the key part of the UK‘s heritage which is recognized all across the world.
Description: Majority of Britons can suffer from a cashless society, therefore, they must have the option of using cash along with digital payment: – Easy Cheap Loans