- Staff Notice
Cash or no cash - where do you stand?
Cash is at risk of disappearing without action from regulators and the government, according to a major report published earlier this week.
The system which underpins the use of notes and coins was at risk of falling apart, the Access to Cash Review concluded.
Millions of people would be lost without cash, it said, but there is a clear trend towards digital payments.
Although it seems like it's inevitable that we are moving to a cashless society with contactless payments on the rise, I'm not so sure its a great idea. What if the computers are switched off, or get hacked?
There was a incident in India last year, when the central bank, I think it was, shut down all the cash machines for a few weeks depriving millions of people access to their money, but if we were to move to a fully digitised money system, one hack into financial systems could collapse the whole system in one go.
My view is we should not abolish physical money whether it be coins or notes any time soon.