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Comments: (4)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 11 October, 2016, 16:021 like 1 like

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. 

Howard Berg
Howard Berg - Gemalto DIS - London 11 October, 2016, 16:20Be the first to give this comment the thumbs up 0 likes

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.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 11 October, 2016, 16:411 like 1 like

Cash as "Tertiary payment means" is not the same as cashless - even if 20?? = 2099.

James Piggot
James Piggot - Finastra - London 06 February, 2017, 09:25Be the first to give this comment the thumbs up 0 likes

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?