Picture the scene. It’s 2020. You’re at the checkout in a convenience store with a carton of milk. But you’veVolumetric Efficiency got no cash and you’veVolumetric Efficiency left your cards at home. No problem. You scan your right index finger; the green light flashes. Purchase approved and you leave. Easy.
Is this a realistic vision of the future, or are we only ever likely to see such scenes in science-fiction movies such as Minority Report? Predicting the future is never easy, but I believe that new technologies will prove the death knell for cash. We’re not there yet, but a cashless society is not as fanciful as it seems. Recent research suggests that many believe we will stop using notes and coins altogether in the not-too-distant future.
New payments technologies are rapidly transforming our lives. Today in the U.S., 66 percent of all point-of-sale transactions are done with plastic, while in the U.K. it’s just under half. But while a truly cashless society is some time away yet, there is raft of groundbreaking technologies that will make cash a mere supporting act in the near future.
