I’ve had the same £20 note in my wallet since the first lockdown.
It’s not that I haven’t spent any money.
It’s just that I hadn’t used any cash.
Even pre lockdown 1, I was using cash less and less and contactless (phone or card) more and more. But I hadn’t quite got out of the habit of carrying some cash around, you know, just in case.
Now though, I haven’t visited a cashpoint for nearly a year.
As consumers and retailers, we have been moving towards a cashless society, and the coronavirus pandemic has undoubtedly accelerated this move. It’s certainly more convenient and most likely more hygienic.
However, it’s not without its pitfalls and potential problems for some.
Firstly, contactless payment makes it easier to spend, sometimes too easy.
This makes it more difficult to stick to a budget and means keeping a vigilant eye on bank and credit card balances.
The second is that many people are reliant on cash as a means of payment, some are vulnerable or financially excluded.
It’s important that people are not left behind as we move towards a largely cashless society.
