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Britain’s Cashless Future
Michal Kissos Hertzog, from digital-only bank Pepper said:
“Physical notes and coins are becoming less and less important in everyday life, we already know this from research which reveals the UK is nearing closer to becoming a cashless society in favour of card and mobile payments. And a natural step towards building this cashless society would be to phase out smaller value coins.”
“The big reason for the popularity of cash dying out is because of the success of online and mobile banking, with six in ten (63%) people in the UK using it on a regular basis already. The benefits of it are clear – all transactions can be tracked, its fast and massively convenient – there’s no need to carry around bulky wallets filled with coins.”
“For example, in Sweden, over a third of people either don’t use cash anymore, or at most, make just one payment a year using it. The UK will follow a similar path as people become more and more comfortable without cash and coins in their pockets.”
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