* Article updated 20:02 3/1/19 *
Although I might be an advocate of a planned and inclusive transition into a cashless society it is important that the pace of the UK’s transition is driven by the consumer deciding how they want to pay.
Burkhard Balz at the German Bundesbank hit the nail on the head recently when he said:
“Consumers should be able to decide for themselves how they pay. ….it is important to have a broad mix of options and that efficient methods of payments are available.”
Although the relative importance of cash is diminishing as consumers and alternative payment types such as contactless payments are making significant inroads there remain a number of cash based retail transactions.
When the last bank leaves town and the only ATM is only accessible during the Post Office opening hours local initiatives will be needed to ensure cash withdrawals are accessible and easy to use.
A sandwich bar in Aldeburgh is using social media to positively encourage people to visit and get cash back.
Munchies of Aldeburgh, Suffolk who after hearing about the last bank in town announcing it was closing posted the following Tweet:
It might not be rocket science but the offer is accessible and easy to use – well done to Munchies for taking the initiative.
Of course, as a cashless advocate it would be remiss of me not to mention that Munchies also take debit cards, contactless and ApplePay!
They also do a mean Panini.