How To Survive The End Of Cash

Cards and digital technologies are slowly killing off cash, but is it a cause for concern? Not necessarily, as Andy Webb explains. Here are some ways of making the most of digital finance.

- Andy Webb

Cash is no longer king. Over recent years fewer and fewer transactions have been made with cash. The most recent figures show coins and notes are used just 34% of the time, down from 63% a decade ago. And usage is predicted to fall to just 10% in 15 years.

Instead we’re paying with cards and digital technologies. Some of this is down to user choice, with contactless cards and smartphones making spending faster and more convenient.

But it’s also being forced upon us. Some retailers are refusing physical money as they can avoid the high bank charges levied at them for handling cash. Meanwhile it’s harder to get your hands on notes as cash machines and banks disappear from the high street. And these are trends which are likely to increase in the coming years.

This could be bad news if you still primarily use cash, whether that’s how you pay your bills or how you budget. For some, cash is just what you know. For others, cash is a necessity—especially when going digital is the alternative.

As a result this move towards cashless society makes many useasy. But should it? Here’s what you’ll need to do to make sure you don’t get left behind.

Go contactless

The main way people pay now is with a debit or credit card, and as a result you’re likely to find more businesses—from cafes to car parks—going card only and rejecting cash as payment.

A huge part of why this is possible is contactless technology. “Contactless” simply means your card has a chip installed that allows you to tap your card on a reader to pay for anything under £30.