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With the Bank of England recently announcing that currency notes in circulation have doubled from a few years ago, it's almost surreal to read the assertion - ahem, prediction - that cash will be obsolete by 2020.
Thanks for your comment and as I said its an ambitious target at best but if Worldpay found one third of people hold such a belief then at the very least the conversation is properly on the table. Also worth looking at stats for card usage as well as notes
in circulation and you see that whilst it may not be 2020 but rather 20?? it does appear we are on a path where cash will become a tertiary payment means.
Cash as "Tertiary payment means" is not the same as cashless - even if 20?? = 2099.
The number and value of notes in circulation has not quite doubled in the last 12 years, and if you look at the numbers it is £20 and £50 pound notes that have increased most in both value and in number. Why? Because banks like stuffing ATMs with £20 pound
notes to reduce the number of times they have to be refilled (in spite of the fact the £20 pound note is unpopular with vendors who more often ask whether the customer has any smaller notes) and the £50 pound note is used by criminals and those with something
to hide. I have only seen one once or twice when selling a car. I think cash use will gradually fade away as it seems to be doing in places like Finland. Maybe the £50 pound note should be declared null and void to flush out the tax evaders and drug smugglers?
Senior V President,North and Central Europe, BPS
18 Nov 2009
04 Dec 2018
12 Nov 2018