Future of PaymentsMay, 2020
Could the nation in lockdown accelerate the UK’s shift towards a cashless society? Our Future of Payments special report, published in The Times, explores how payments are changing in our current times from the proposal of universal basic income to how tech is fighting financial exclusion. It examines a turn in the industry and as the companies that have invested in digital and mobile technologies are thriving. It looks at why sex startups face an uphill battle finding a suitable payments provider. Finally, the featured infographic shows that cash might still be king, but its purpose is more storing value rather than physically making payments.
Despite ongoing reports that the end of notes and coins is near, a cashless society has yet to materialise. In many countries, the amount of cash in circulation is actually on the up, though the factors behind this trend - both social and economic - are complex. Digital payments have surged over the years, but the fact remains that cash is still king, albeit as a way to store value rather than to physically make payments