The end of cash
[Re: Could Britain soon be a cashless society? yesterday]
We are definitely moving towards becoming a cashless society, although it will take some time to get there. With non-cash payments predicted to overtake cash in 2015, it is extremely likely that, in 10 to 15 years, a significant proportion of the population will never use cash. Their relationship with banks will be completely different to that experienced today. The current level of innovation in mobile payments will only add to the pace of migration, until a tipping point is reached where a cashless existence is considered a social norm. We are already witnessing this migration in some emerging economies and the mobile-enabled countries of East Asia and Africa. The challenge for banks will be to ensure that their systems are secure against cybercrime, and that customers have uninterrupted access to funding. If not, we may witness a flight back to cash.
David Sayer, global head of banking, KPMG
[Re: After years of political vandalism, UK pensions are on the mend, yesterday]
Of course the author is right that the improving situation for UK pensions is to be welcomed. The real question is how quickly Labour would ruin this.
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