“In 1972, following innovation from the cash industry, the machines were linked to a central system enabling the ‘on line’ cash withdrawals on which so many of us now rely.”
Ms Cleland said that, contrary to predictions of the eventual death of cash, “if we dig further, it is clear that cash is very much alive and kicking”.
But she continued: “The cash industry should not be complacent.
“The rate of change could increase if the cash industry does not respond by keeping prices competitive, continuing to innovate, and having a model that can effectively support cash in an environment of reduced volumes.”
Victoria Cleland said technology has had a “huge impact on the payments industry”, with ways to pay including digital currencies, mobile payments and innovations such as contactless cards gaining “real traction”.
as mentioned in
Bank of England says digital cash could be a thing soon
The Bank of England is considering whether to launch an official digital currency, its chief cashier revealed yesterday.
Although the number of cash payments fell 11 per cent to 15.4 billion between 2015 and 2016, cash remained the most frequently used payment method, accounting for 40 per cent of all payments.
The best known example of digital currency is Bitcoin.
At the moment, the Bank of England provides electronic accounts to banks and key financial institutions, but the public can only hold central bank money in physical form – as banknotes.
The Bank of England is considering whether to launch an official digital currency, its chief cashier revealed yesterday (Stock image)Ms Cleland said there was a ‘growing interest in non-monetary based exchanges’, adding: ‘And we have even considered whether there might be a Bank of England issued digital currency, but do not envisage this in the foreseeable future.’
collected by :John Locas