Time For A Cashless Society?
6 Mar
We may be approaching a cashless society. Not in the sense that we are all running out of cash and will be hunting pigeons in deserted high streets but in the sense of not spending notes and coins. You might not use cash all that often anyway except to pay for parking and other small expenses.
Contactless technology has been around for years in the form of the London Underground’s Oystercard system but it is now due to be rolled out to shops around the country. Some coffee shops already take contactless cards such as Barclycard’s OnePulse (someone actually got paid a lot of money to come up with that name). These cards allow you to pay under £10 without entering a PIN by waving your card past the payment point.
This kind of technology might be useful for those with a business account for expenses as it is aimed at those spending small amount that previously might have be paid using cash. A record of each transaction will be linked with the business bank account but there will be no issues stemming from minimum payment amounts.
The video below shows a contactless payment transaction using a mobile phone which might one day be a commonplace event. Raises a few questions about security when no PIN number is needed however.
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