Will a cashless society happen?

The Crown and Anchor bar in South London has decided to only accept card payment methods, instead of cash payments too.

After another break-in at the Crown and Anchor bar in South London, Arber Rozhaja decided that he was fed up of cash being stolen from the bar and made the decision to only accept card payments. He claims that only around 10-13% of the bar’s total revenue came from cash payments and that this transition has not shown any negative signs to his business at all.

It was October (2018) when he decided to implement this at his bar. Since then, the firm that owns the bar has decided to do this at their other premises as well. This is because they can see all of the benefits of this plan. The staff don’t have to count up all of the coins at the end of the night, managers don’t have to carry bags of cash through the city to a bank and additionally, if there are any break-ins then there is no cash for the criminals to steal. Rozhaja even added that almost all of the response that he has received to this change has been positive. In September this was also the case with a different pub in Suffolk going cash free.  Experts claim that this method of only accepting card and electronic payments is happening all around the world, from a place in Singapore where robots pack your shopping bag (and reject cash), to Sweden with Ikea experimenting with card only methods. But what could this mean for the future of cash payments?

This could mean that we are heading even closer towards a society that focuses only on using card payment and electronic payment methods. However, getting around a new trend can be difficult, and many people have argued that this is simply not possible. There are many homeless people in the UK, which would mean that they would not be able to pay for food from a store, as there is a high chance that they may not have a card to use. In addition to this point, some people choose not to use their card for security and privacy reasons. Although we have seen a decrease in ATM usage in Europe, studies have shown that a quarter of people would refuse to go cashless even though our technology is rapidly improving. It could certainly be concluded that cash payment will still be relevant for a long time, even if it means seeing a decrease in use.

 

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