A Manchester street will provide a glimpse into a cashless future tomorrow when its merchants ban notes and coins for one day.
Kudos to Handepay! One would have expected the likes of Zapp or Powa to be first to do such a trial.
Standard contactless chip & PIN machines are the best route for grocers, bakers and laundretttes. Mobile POS linked to smartphones (the mPOWA route) is unusable in most real-world retail environments - too slow, too complex.
Handepay have done a great job in organising and publicising this event!
A cashless society is so close I can almost touch it. There is no question in my mind that a globe without cash is within reach. Two months ago in Australia I signed up for a cashless purchasing card for a new drink and snack food vending machine trial by
Coka-Cola Amatil. that also have an app for my iphone. Both the card and the app are joined to the one account. I can check all past transactions, set up auto pay with a credit card or pay manually. I can use any card and even use PayPal to top up.
The merchants aren't banning cash for the day. From the Guardian a few quotes from business owners, first a deli owner "...given that we have a minimum value of £5 to pay by card, I don't think it will be possible to go completely cashless..." A newsagent
"...if someone doesn't want to pay by card, or is unable to, they will of course be able to pay with cash - you're not going to turn trade away" a pizza restaurant owner "...we are going to encourage all our customers to enter the spirit of the day and pay
"...merchants ban notes and coins for one day". One day - how lame is that? Private zones are far more promising for cashless to happen than high streets: A leading bank with its tech center located a few miles south of Manchester has been cashless - every
day since 2007. On another note, will these merchants tell us how they found "the morning after the night before".
Competitive base, double OTENew York City, NY. USA
© Finextra Research 2015