Monday, July 12, 2010

Even consumers think that cash will disappear

In the lifespan of cash the way that we know it, why is the year 2030 relevant? Well according to a survey done by MyVoucherCodes (Read here). more than half of Britons are of the opinion that Cash would have disappeared by then. This means that we would not be able to offer notes and/or coins as legal tender. I think that this is significant.

I have made predictions like this in a number of instances (Read here and here). However, this is only possible if consumers actually believe it. Cash will always be king - as long as the man in the street believe this. But when consumers start preferring alternative (electronic) payments to cash, this must be spelling the end of cash.

In my mind, this finding was one of the most important ones that I have read in a long time.

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