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Following recent articles in the press, questions surrounding the future of cash have never been so pertinent. The use of debit cards overtook cash in 2018, indicating that the decline of cash began long before lockdown. However, with the new health and safety measures now in place, the decline has been accelerated. Attempts to minimize the spread of Covid-19 means the limit on contactless payments has been pushed to £45. As the UK begins to unlock, consumers are encouraged to use Chip and Pin and contactless wherever possible to help prevent a second peak.
In comparison to the ease of processing electronic payments, the process of handling, storing, and depositing physical cash can have many hidden costs for businesses as well as a drain on time and resources. By switching to contactless these costs can be minimized or possibly eliminated. A cashless society has also been linked to a lower crime rate. This refers to physical theft of tangible money as well as money laundering and tax evasion. Going cashless also facilitates the easier exchange of currencies, easing the struggle of exchange rates.
Although this cashless society may seem ideal, there are disadvantages. Having money purely online often leads to increased data security breaches as more personal data is online. There is also a lack of standardization with online banking that often results in delays in payments. Those without a bank account will find it harder to make payments. This especially affects the older generation who are not so digitally adept. Some people may also find it harder to keep track of spending without the use of tangible cash.
Here at Playsafe we have many years experience in the handling of both cash and electronic payments. We have also developed a number of solutions to enable our customers to efficiently and cost effectively handle both cash and electronic payments, these solutions include our range of Thomas PayStation’s which will accept and dispense both banknotes and coins, as well as accepting electronic payments via card or mobile phones. Also, our Payter contactless solution is ideal for those customers requiring a contactless retrofit solution for existing equipment. Both solutions have help streamline customers operations and increase income.
For more information please contact one of our sales team.
T: 07504 427310
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