Payments: The evolution of cash
Cash will be around for a long time – but its role will change.
How close are we to becoming a cashless society? Banks, fintech companies and the media would have us believe that we are very, very close. Countries from India to Zimbabwe to Sweden are on the cusp of a cashless revolution. And those that aren’t reckon that it is a goal they should be working towards.
On March 6, the Access to Cash Review was published in the UK by an independent panel led by Natalie Ceeney, chair of Innovate Finance, an independent membership association that represents the UK’s global fintech community. The review was funded by Link – the non-profit body which manages the UK’s ATM infrastructure – but Ceeney says that it is completely independent of the inter-bank payment system.
The Access to Cash Review believes argues that the UK is “sleep walking” into a cashless society – a society that would exclude 17% of the British population from the formal economy.
The country’s most vulnerable will be hit the hardest – the older generation, those that live in rural areas, people with mental health issues and the poorest in our communities.