The Bank of England deputy governor warns that physical cash will become more and more useless as shoppers embrace the Internet. The dollar and the Euro won’t be good investments. It will soon be a cashless society.
Sir Jon Cunliffe said it would become harder to spend physical money in coming years owing to the rise of online shopping and contactless payments.
There will be no stopping the cashless society!
Speaking at the Innovate Finance Global Summit on Monday, Sir Jon said the movement from cash to digital payment is “very clear.”
Card payments took over cash as the most dominant retail payment form in 2016. By 2021, 85pc of payments were made electronically, through either card payments or bank transfers.
In a 2021 speech, Victoria Cleland, the Bank’s executive director of payments, said cash was no longer king and that by 2028 just 9pc of all payments would be made in physical currency.