In the UK we already have the new £10 and £20 banknotes in full circulation and the final note, the new £50 arrives in June this year.
We have however gradually been moving away from the use of physical currency for many years thanks to online banking, contactless payment, secure payment apps such as Paypal and the arrival of devices that enable instant payment using our smartphones and watches.
In London, buses have been cashless for many years now and payments are made only digitally or via a pre-loaded Oyster card.
Since last year the global pandemic has further accelerated the adoption of contactless payment as retailers discouraged cash payments to prevent the spread of the virus.
Sweden, the first country in Europe to introduce banknotes in 1661, has announced that it is to become a fully cashless society and 100% digital by 2023.
Not surprising Statista predicts by 2025 digital financial transactions in the UK is set to grow by 12.8% a year to £341 Billion and mobile point of sale payments (such as ApplePay, GoogleWallet and SamsungPay) are set to grow 22% a year to £171 Billion.
▶️ What do you think – Are we heading to a #cashless society?
See here for answers to this question as well as a poll.