If you have stood in a queue to pay for your coffee, paid your plumber using your phone or have bought something online, you will know we are approaching a cashless society.
Over a third of the Great Britain population believe they will live in a cashless society within the next 20 years.
There is little doubt that consumers are more and more familiar with contactless transactions for smaller purchases or electronic transfers for more expensive goods or services. Indeed, mobile phones play an increasing role in the move to a cashless commercial world.
Banks
Delivery of these purchases is also changing, with more delivery vans and courier services playing a greater role in the purchasing experience. Same Day Courier services across the country are filling the gaps in the market. All about freight provide Same Day Courier services.
Cities across the world are pushing for a move away from using cash and are being backed by international banks, but there is concern that smaller traders and the poorest members of society will be left behind and excluded.
The UK does not suffer as much as other countries which are trying to adapt to the new technology, as it has fewer people who do not have access to a bank account. Nonetheless, issues still will not need to be resolved.
Millennials
Research shows that although respondents still used ATMs on average once a week, the amount of cash UK consumers carry in their wallets and purses has fallen by over a third to just over £20.
An issue which has arisen in the cashless society has been the wave of hacking of financial institutions and the occasional collapse of online banking systems affecting major banks. Fraud is a major concern for much of the population. While such doubts persist, it is unlikely that the UK public will totally embrace a cash-free environment, although the theory that cash is king is fading from the national lexicon.
There is also a generational gap, with Millennials more likely to use technology for payments whilst older generations prefer the certainty of cash or simply have not accessed the cashless technology available.
The challenge is for banks and regulators to create platforms which are trusted by all, or cash will be around for a while.