Blog

Use Of Cash In Decline

Tuesday 20th February 2018
Jon Levenson

An organisation called the Market Inspector has independently researched the use of cash and unearthed some really useful information. For the very many people in the UK who welcome the UK becoming a cashless society the news is very good.
The UK is already the the third most cashless society in the world which is boosted by the plethora of new payment technology. Mobile phone payments are becoming increasingly popular, simple to use, always with you, secure and with many payment apps offering fingerprint authorisation. In 2016 alone, there were 38 million mobile transactions made in the UK.
The Market Inspector has also discovered that 80% of all online users make online purchases and this is set to grow.
Domestic robberies of cash have decreased in line with the reduction of cash being held by people.
This mirrors the claim made by the Go Cashless campaign that a cashless UK society will suffer far less crime and help decrease the burden on the police, prisons and the criminal justice system.
Such is the sheer scale of unpaid tax and VAT by the illegal use of cash in the so-called black economy, that in a cashless society with everyone who should pay their share of taxes actually doing so, then the UK economy would see an annual boost of at least £20 billion.
We now have many new, secure payment systems to suit everyone, every business, charities, children, elderly and disadvantaged people we no longer need cash. The cost of cash, counterfeiting, the losses through tax evasion and other crime means cash is no longer sustainable. A cashless UK will be a better, fairer society with far less crime and far more people contributing tax to fund our essential public services.