The Future of Payments in the United Kingdom
The UK Is Going Cashless - but Is it Fast Enough?
The idea of a cashless society has always intrigued our curiosity and our craving for innovation since the first signs cashless payments. In the past years we have indeed seen great steps towards this and the exponential decrease in the use of cash. But how far have we come, and how long is the road ahead?
The topic is still discussed and very often from different points of views as the advantages and disadvantages of cash have been analysed and described in depth in the past.
There are many thorough reports that you can carefully look for and read through to find some interesting indication of where we stand on the road to an absolutely cashless society. But we know what you want to know: concrete data and numbers on the payments that we make everyday, and the benefits that we would all experience in our day to day life if we achieved a cashless society. What would be the difference and would you even notice it?
Did you know that the United Kingdom is the third ‘most cashless’ society in the world? Do you know how much is spent on producing cash? How many credit and debit cards there are in the UK? How many pay using card machines vs. cash?
If your mind has ever weighed upon some of these questions, look no further because we at Market Inspector have put together a clear visual representation of the way we pay in the UK, focusing on the rush towards a cashless society: how close are we, and why do we need to abandon cash?
These are 4 good news and 4 bad news about cash(less)!