While the tech world is pushing for a cashless society and those listening with a tin ear follow them down this road beating the drums louder, regulators in the United Kingdom have pledged the ensure that cash remains available.
The Join Authorities of Cash Strategy Group, a UK cooperative agency made up of government finance and trade agencies along with the Bank of England issued a preliminary report that says there is a gap in the availability of cash, especially in less densely populated areas.
According to the research group, only 10-percent of people in the UK have gone cashless. Similarly, the United States, the Federal Reserve reports that 30-percent of all transaction and 55-percent of all purchases under $10 are cashless. The Fed also says that the amount of cash in circulation is rising.
Both the Fed and the Bank of England recognize that while the population centers may have more people considering going cashless, it is not universal across the entire population. Similar to the findings in the UK, less densely populated areas rely on cash more than their urban neighbors. Both countries are finding an increase in the use of debit cards rather than credit cards.
For numismatists, it means that the manufacturers of coins and currency will continue to produce their products, which gives us something to collect. That is good news!
And now the news…
Detectorist Tom Thomas kept the rare artefact for nearly 30 years, not knowing its real value. → Read more at bbc.com
The South African Reserve Bank (SARB) and the South African Mint yesterday launched a new commemorative coin range of R2 and R5. → Read more at brandsouthafrica.com
When Kevin-Barry Martin goes for a walk, he’s not only interested in exercising or spending time outdoors. The 42-year-old St. John’s resident is part of a group called Newfoundland History Hunters, and he’s often on the move → Read more at thechronicleherald.ca
Trade body UK Finance has set up a taskforce, called the Joint Authorities Cash Strategy Group, to ensure cash is kept available to the millions who depend on it. → Read more at thisismoney.co.uk
Numisbing says it is planning to IPO on Nasdaq First North Stock Exchange in Stockholm next month → Read more at arabianbusiness.com
I wish I shared your optimism about cash in the UK. I am planning a trip to the UK and I am following travel discussion boards on tripadvisor. The Brits on there are reporting that their lives are already virtually cashless, and they like it that way. They are EVEN advising Americans coming over to forget cash and use “contactless” debit and credit cards. As if I had one of those…
One fellow reports he thinks his TOTAL transactions in cash over the last month was maybe 20 quid. What cash he does carry is for extreme emergencies when a contactless terminal is out of service.
If you are going to London and other tourist areas, that is true. But for the rest of the country, it is not true of the general public. It’s the same here in the US. By numbers, I do more cash sales. In dollars, those paying with credit cards spend more. And I’m not running a business for tourists.
Yup, when I was in the camera / photo lab business, the same applied. Our monthly credit card deposit summary showed the average sale, BY CARD BRAND, and we could calculate our overall number by dividing our take by the number of transactions, and cards were higher by far.
Is your bank even discussing “contactless” with you?
My credit card reader accept contactless payments. Even though I have the signs that say we take contactless payments I think we get one every other month. It doesn’t cost any more or less than a chip or swipe.