Skip to comments.Has cash had its chips?[2012 Britain will be a cashless society]
Posted on 03/12/2007 8:00:44 PM PDT by FLOutdoorsman
Until now, royalty and paupers have been the only ones not to carry cash. But within five years, it could apply to all of us.
The prediction comes, perhaps not surprisingly, from a man whose career is based on the growth of plastic transactions.
Peter Ayliffe, head of Visa's European operation, says that by 2012 Britain will be a cashless society in which everyone will see credit and debit cards as more convenient than notes and coins.
He believes the transition will be eased by the advent of a new generation of "wave and pay" cards which it is hoped will speed the purchase of small items such as newspapers and cups of coffee usually paid for with cash. Shoppers could even find themselves surcharged for paying in cash.
Today, convenience and credithungry Britons spend more than £300billion a year on plastic, paying with debit and credit cards more than six billion times a year.
Last December alone, shoppers made 669million transactions with plastic - charging a record £ 31billion to their credit and debit cards.
However, surveys show that almost half of Britons prefer to use cash for anything costing less than £10.
"Wave and pay" cards, under trial by Visa and Barclaycard, are being introduced in the hope of persuading these customers that it is quicker and easier to pay with plastic.
Mastercard is also working on its own version of the technology.
The cards work by being passed over a scanner at a shop check-out.
The most common form at the moment is the Oyster card used to pay for journeys on the London public transport system.
The prediction of a cashless society comes five years after Britons spent more on plastic than on cash and cheque for the first time, and 41 years after the introduction of the first credit card. Some utility firms have started to penalise householders who still prefer to settle their bills by cash or cheque.
Last month, BT caused uproar by announcing it was introducing charges for the millions of customers who choose not to pay by direct debit.
However, not everyone shares Mr Ayliffe's vision, with the British Retail Consortium saying that the high fees imposed on retailers by credit card companies encourage shop owners to seek payment by cash rather than plastic.
A spokesman for the consortium said: "It is about providing a service for customers, and as long as we are in a situation where customers require cash transactions, we are going to provide that facility for them.
"While it is possible that we will reach a stage where we have become a cashless society, it will be a long way away."
I can't see a cashless America for many years.
Well, good thing we have the Constitution.
Card holders charged for being in credit[Fines for positive balances on their credit card]
Amounts of money people have can be controlled easier this way [cashless society].
IBM and the Holocaust, Redo. Or did it ever stop?
Not completely cashless but very little cash passes through my hands. Direct deposits and on line bill payments have almost eliminated checks for me also.
Uh, huh. And we achieved the paperless office how long ago? Won't happen.
That's correct. Remember, Computers were supposed to cut down on paper.
Heck no. I live by a cash only lifestyle as much as possible. Really helps keep us on our budget.
I do pay almost all my bills online but I still like to keep a couple hundred dollars on hand. I can't see paying for gas or groceries with a credit card. I don't even like to write checks when I shop.
The underground economy is too big, and too many people have a stake in it. Cashless is a drag.
I don't think cash will completely go out.
I rarely handle cash or checks (direct deposit at work, debit card), but I keep my checkbook handy and some cash in my wallet, just in case.
What??? That quaint old thing? Nobody pays attention to that anymore. Constitutional Republic you say? Pfffft. Tyranny of the Marxist Minority is where the action is.
/wish it was sarcasm
Wouldn't it be a hoot if a Constitutional amendment was passed to officially designate America a Socialist Democracy and UN protectorate? The progress towards True Compulsory Collectivist Utopia of the Socialist Brotherhood might even hasten, and it will be official! Europe had better speed up its decline too, or they won't win the race to the bottom!
If this happens I am for sure going to stock pile a couple thousand dollars worth of raw silver.
I snuck out of the office and watch "300" today. There were 3 lines of people at the concession stand. Every single person I saw used a credit or debit card. To buy popcorn? That looks so weird to me. I feel nekkid without a wad of cash on me.
There maybe advantages to a cashless society,but there are also aspects that ain't so nice. For instance how hard would it be for any government to track just about everything you do over the course of a day.If you use a credit card or maybe even some type of micro chip implanted under the skin there would be an electronic map of where you are and what your doing. I'd rather take my chances with good old fashion cash cause it gives me a little more non trackable freedom !!!
Will beggars be giving ATM card readers?
Brother, can you spare a swipe?
You don't pay at the pump? I won't buy gas any other way.
Eliminating cash is heaven for both Government and Corporate control freaks.
Don't know about this
The vast majority of my transactions are either
Automatic withdrawal payments (bills), a few checks, or
Transactions on our Credit cards, always paid off monthly
in our house, Cash is used for extremely minor purchases only
I could make this transition effortlessly
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