Cash use down as alternative payments thrive

Customers did 10% less of their shopping with cash in 2012 than the previous year signalling a significant shift in the payments industry, according to the British Retail Consortium’s (BRC) annual payments survey.

Customers are embracing new technology and new ways to shop are...

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments

Electronic purse

mikewhit | | Permalink

I still think the UK missed a trick when it did not bring in on-card 'electronic purse' facilities (as in Belgium etc) when it brought in mandatory chip and pin. Would have saved a great deal in cash handling and friendlier to the small retailer ... but lower profits for Visa et al I suppose and hence the lobby ensured it did not happen here.

Quote from Wikipedia:

Proton has seen limited success in Belgium, despite being available on commonplace on parking meters, pay phones, and within convenience stores; possibly due to a poor understanding of the system. Despite this, the system has also been implemented in other countries such as Chipknip in the Netherlands, and has been considered for other markets such as Australia.

It's all about power    1 thanks

Peacock | | Permalink

Governments would love a cashless society where everything everyone does is recorded on a central computer. No "cash" jobs, no tax avoidance, everyone under the control of big brother. How long before you're limited to 3 pints of beer a week on your card, or no more than 2 bars of chocolate to combat obesity? We are already under surveillance from cameras, our emails and phone calls soon wont be private, do you really think the British public will also accept a spy in their wallets ?

ShirleyM's picture

Don't blame the government ....    1 thanks

ShirleyM | | Permalink

Blame the criminals! They cause the problem, and the government is trying to find a solution.

If people didn't plant bombs, or evade tax, or any of the other millions of crimes committed each year ... then I would agree, but criminals do whatever they like (and don't care who gets hurt in the process, or who pays the price) while law enforcement has to obey the law, and also cross the t's and dot the i's to get a conviction.

johnjenkins's picture

@ShirleyM

johnjenkins | | Permalink

Oh and the Government aren't causing their own problems like cash expenses, lobbying etc. etc.

are they? We live in a world that is changing from industrial to technological, which is bringing more people who aren't used to the big picture into play and they all want a piece of the action.

Greed is the driving force at the moment and until that is sorted things will only get worse.

Cash will never go away, in fact since the introduction of RTI it will increase and the tax take will go down (human nature).

BKD's picture

Privacy    1 thanks

BKD | | Permalink

Peacock wrote:

our emails and phone calls soon wont be private,

It would be rather naive to think that your emails and phone calls are still private :)

johnjenkins's picture

One has to remember    1 thanks

johnjenkins | | Permalink

monitoring phone calls and e-mails have prevented terrorist attacks

In the end ShirleyM loved Big Brother

secondhand_22 | | Permalink

Those who would sacrifice liberty for security deserve neither. 

Which is lucky - cos that's what they'll get - neither

 

 

ShirleyM's picture

Security for who?    1 thanks

ShirleyM | | Permalink

secondhand_22 wrote:

Those who would sacrifice liberty for security deserve neither. 

Which is lucky - cos that's what they'll get - neither

 

 

The criminals, so they can ply their trade without the police knowing about it? Or security for what ever is left after the criminals have taken what they want, and we have paid extra taxes for the resources to put the criminals away, and pay their keep in prison.