As part of a new open forum on the future of money, the Bank of England has challenged Brits to see if they can live for a week by either using cash only, or not using cash at all!
The Bank of England has said that banknotes will remain an “essential form of payment for some time” and has recently invited the public to nominate a scientist to adorn a new £50 note.
But, as card and mobile payments continue to grow in popularity, the bank also wants to engage Brits on what money will be like in the future, launching an online forum that will run until the middle of January 2019. Central to this is the ‘cash vs cashless challenge’. Brits who usually pay with cash are being asked to spend a week only using cards and other electronic payments methods, while those who generally go cashless are invited to try digging out their notes and coins.
The Bank of England wants participants to keep a log of their experiences and then let them know how easy or difficult it was to carry out the experiment, what the challenges and benefits were and whether the week has changed or cemented their views on how they make payments.
For more information, how to take part and to watch a short video – Future Forum 2018, Let’s decide the future of money, click here