Cash is still king despite rise of contactless payment

June 22, 2017 Share Source

Excerpt: 'Demand for cash continues to grow in the UK and the vast majority of other countries, despite technological advances that allow people to pay using contactless cards, mobile phones and digital currencies.

'The value of Bank of England notes in circulation rose by 10 per cent last year, the fastest pace in a decade. The total value reached £70bn for the first time, said Victoria Cleland, chief cashier and director of notes at the bank, on Tuesday.'

“The vast majority of the world is seeing an increase [in banknote demand...]. We are neutral to methods of payment . . . but we do seek to understand what direction cash demand is heading in . . .[cash] is still crucial to everyday life and I encourage the cash industry to continue to innovate."
" Victoria Cleland Chief Cashier / Director of Notes Bank of England

'Two years ago, the bank’s chief economist, Andy Haldane, proposed getting rid of cash in favour of a government-backed digital currency. But, speaking at an event to celebrate the 50th anniversary of the first cash machine opening in the UK, Ms Cleland said “[cash] does have a future, and a significant one”...'

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Source
Tetlow, Gemma. "Cash is still king despite rise of contactless payment." Nikkei. 13th June 2017. Accessed 22nd June 2017.

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Last Updated: July 27, 2017