No future for a cashless society

Published on Sunday 17 May 2009 19:52

BRITAIN will never evolve into a completely cashless society, according to a report today.

The long-term psychological impact of the recent financial crisis will mean people will continue to rely on tangible notes and coins, according to the study which was carried out for ATM operator Bank Machine.

At the same time the resistance to change from an ageing population, concerns about a surveillance society, retailer resistance and Britons' attachment to Sterling will all ensure cash continues to be widely used.

The report, carried out with James Woudhuysen, professor of forecasting and innovation at De Montfort University, Leicester, said a cashless society in which contactless payments were made by touching a card against a reader would also reduce the level of people's daily human interaction.

It added that the removal of notes and coins from our lives would have a knock-on effect on many activities, ranging from buying things at car boot sales to community fundraising efforts such as local ftes, as it would not be commercially viable to install contactless payment systems for these events.

A lack of cash would also hit church and charity collections, office whip-rounds for birthdays and leaving presents, and even children's pocket money.