Are we witnessing the demise of cash?

Are we witnessing the demise of cash?

Enjoy having a wedge of cash as your savings or maybe you like to hear those coins rattling in your trouser pockets? Well you do or you don't, cash as a whole may become a thing of the not so distant past. Either entirely or mostly anyway.

Why and how is cash disappearing? 💷

The answer to that question is pretty simple when you look at the broad scheme of things, and the answer is digital!

Big, small, new, existing businesses have been investing heavily into their digital sales channels  and consumers have followed.

This investment in technology has created ways for people to live life more conveniently. For example, we could not get McDonald's delivered to our door a few years ago, or even our weekly food shop, but we can now.

Because we are now doing so much of our previous shopping habits online now it requires that we also pay online, and this largely cannot be done by using cash thus digital purchasing has become evermore normal in our day to day lives.

Of course, we still have our local coffee shops etc. around the corner but even then, it seems like most of us are now paying with contactless payment methods which again, does not require cash. To be honest, when I head into the VibePay offices and visit a coffee shop I do not think I can recall anyone paying with cash, its just not as convenient to count the correct change and hold up the que rather than swipe that plastic!

Here are the top 5 countries that are adopting this cashless lifestyle 🌎

Time to back it up with figures, we thought it would be useful to share the below list whilst we are on this topic so that you can get an idea of where cash is going and already is now.

  • Canada
    Payments made with non-cash payment methods: 57%

  • Sweden
    Payments made with non-cash payment methods: 59%

  • United Kingdom
    Payments made with non-cash payment methods: 52%

  • France
    Payments made with non-cash payment methods: 59%

  • United States of America
    Payments made with non-cash payment methods: 45%

As you can see, 4 out of the top 5 are over the 50% mark when it comes to non-cash purchases and this comes from fast growth over the past few years and a ongoing trend that will see these percentages increase.

Did you know that in the United Kingdom only £1 for every £5 spent with retailers is physical cash?

Has the Covid-19 Pandemic changed the way we view cash? 😷

I think for many businesses effected by the terrible virus and the halt to their cash flow have had to look into ways they can realistically reduce the physical contact required between the business and its customers. One of the obvious ways, for some industries such as hospitality is to stop accepting cash. Which means that more investment will be made into digital pay points, not just the machines but the technology too.

More importantly customers that were still more than happy if not enjoyed spending their physical cash, okay no body "enjoys" spending their hard earned cash but back to the point, those consumers will ultimately have no choice but to adopt cashless payment methods and this means educating themselves to do so.

It is assumed that one of the major reason we are not more advanced into the "cashless society" now is the fact that people that tend to keep using cash might get left behind by the fast moving digital world and for many businesses that rely on footfall this is not the most ideal situation to have to educate and turn down customers.

How do we fit in at VibePay? 🤷‍♂️ 🤷‍♀️

Well, we understand that going to a retail store and paying via contactless is already easy if you have a bank account and contactless enabled card.

But, when it comes to transferring to a friend for example, it becomes less simplified and the process of swapping account numbers and sort codes and double checking details is something our app helps eliminate.

Using VibePay to make and receive payments it should be as easy and quick as using cash. So, you could say that we are contributing to a more digital and you could say, safer world by helping to make digital easy for everyone.

We are super passionate about customer support for new and our existing loyal users, want help become more cashless? Just get in touch via social media or email and we will gladly assist!

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