How would you feel about our society becoming cashless? Recent research has shown that this could become reality much sooner than you think. 

In 2009, cash was used for 58% of all payments in the UK. By 2019, that figure had dropped to 27%, and, last year, it was down to just 13%. 

Of course, part of the decline could be put down to contactless systems being seen to be safer during the pandemic, although the research carried out by leading payment gateway provider Worldpay has claimed just 7% of in-store purchases in the UK could be made in cash by 2024.

The report outlines how usage is expected to drop over the next three years, and if anything,  highlights the need for retailers to make sure they are set up to accept cashless payments if they aren’t already. 

There are positives and negatives on both sides. On one hand, going cashless has hygiene benefits, reduces financial crime and can also help retailers to record transactions more easily, which makes budgeting easier. 

However, we also need to also think about others. Some people, including those in older generations, may not understand online banking, whilst others simply might not be able to afford a smartphone or laptop. If we were to become a completely cashless society, they could be at risk of being excluded.