Recent reports on payment trends have called out the negative impacts of a cashless society. Whilst it seems that we are rapidly moving towards this trend universally, there is some cause for concern on what this means for the many millions of people that rely on cash. So how do we get to a cashless society that is responsible, informative and inclusive?
This month, an independent report “Access to Cash Review” in the U.K. issued a stark warning, saying that if the current trend of mobile payments continued, more than eight million people, or 17 percent of the population, would struggle to cope with the lack of cash availability. It goes further to say that many working class and low-income families as well as residents of more rural areas, are being under serviced by a financial industry that is rapidly embracing digital payments.