31 July 2016
Find out more

Manchester street goes cashless

20 June 2014  |  10413 views  |  6 20 pound note

A Manchester street will provide a glimpse into a cashless future tomorrow when its merchants ban notes and coins for one day.

Grocers, bakers, pubs and restaurants on Beech Road have agreed to ditch cash for 24 hours in an experiment dreamed up by local card payment terminal firm Handepay.

Handepay says that the experiment will test consumer and business reaction to the inevitable future, when paper money becomes redundant.

Earlier this month the British Retail Consortium claimed that there has been a 14% decline in the use of notes and coins in the last five years as customers switch to cards.

However, despite the predictions of its demise, Payments Council figures show that cash was still used for 19.9 billion payments, worth £260 billion, last year - 52% of all payments.
KeywordsEFTPOS

Comments: (6)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 20 June, 2014, 15:17

Kudos to Handepay! One would have expected the likes of Zapp or Powa to be first to do such a trial.

1 thumb up! 1 thumb up! (Log in to thumb up)
Geoffrey Barraclough
Geoffrey Barraclough - Barraclough and Co - London | 20 June, 2014, 15:55

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.

1 thumb up! 1 thumb up! (Log in to thumb up)
Matthew Jones
Matthew Jones - Barclaycard - London | 22 June, 2014, 00:14

Handepay have done a great job in organising and publicising this event!

1 thumb up! 1 thumb up! (Log in to thumb up)
John Candido
John Candido - Black Cabs - Melbourne | 23 June, 2014, 05:22

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.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Russell Bell
Russell Bell - Fastbase Ltd - Wellington | 23 June, 2014, 05:36

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 by card..."

1 thumb up! 1 thumb up! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 24 June, 2014, 13:30

"...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".

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Half of UK payments still in cash

Half of UK payments still in cash

06 June 2014  |  8533 views  |  20 comments | 18 tweets | 8 linkedin
UK card spending tops £0.5 trillion in 2013

UK card spending tops £0.5 trillion in 2013

05 June 2014  |  5248 views  |  0 comments | 11 tweets | 14 linkedin
Retailers rail about card costs as cash use declines

Retailers rail about card costs as cash use declines

02 June 2014  |  9032 views  |  7 comments | 22 tweets | 8 linkedin
Cash is here to stay says US Federal Reserve

Cash is here to stay says US Federal Reserve

30 April 2014  |  6641 views  |  5 comments | 12 tweets | 7 linkedin
Cash usage on the wane - Halifax

Cash usage on the wane - Halifax

29 April 2014  |  5168 views  |  0 comments | 8 tweets | 5 linkedin
Americans switch from cheques to cards - Fed

Americans switch from cheques to cards - Fed

25 April 2014  |  7901 views  |  4 comments | 19 tweets | 9 linkedin
London buses to scrap cash fares

London buses to scrap cash fares

03 February 2014  |  10299 views  |  4 comments | 11 tweets | 19 linkedin

Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.abe-eba.euVisit VocaLink.com

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8562 views comments | 38 tweets | 56 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7210 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6916 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
6060 views 0 | 14 tweets | 4 linkedin

Featured job

Find your next job