May 18, 2009
BRITAIN will never evolve into a completely cashless society, according to a report today.
[efoods]The long-term psychological impact of the recent financial crisis will mean people will continue to rely on tangible notes and coins, according to the study which was carried out for ATM operator Bank Machine.
At the same time the resistance to change from an ageing population, concerns about a surveillance society, retailer resistance and Britons’ attachment to Sterling will all ensure cash continues to be widely used.
The report, carried out with James Woudhuysen, professor of forecasting and innovation at De Montfort University, Leicester, said a cashless society in which contactless payments were made by touching a card against a reader would also reduce the level of people’s daily human interaction.