Cash is No Longer King
By George Anderson
It used to be said, “Cash is king.” Those days are quickly disappearing as more consumers pay for goods with their debit, credit or ebt cards.
In the U.K., for example, the number of consumers using various forms of plastic payment has increased to the point where it now exceeds cash purchases. Sixty-nine percent of all card purchases in the U.K. are debit transactions.
Paul Smee, chief executive of Association for Payment Clearing Services (APACS) told The Daily Record: “Truly, Britain has become a plastic society.”
Philip Robbins-Jones, head of Tesco’s IT development, said plastic has become popular to the point where cash payments may disappear at retail.
“Beyond the next year, we will consider developing a cashless store,” he said.
The benefits of cashless stores include faster checkouts, higher staff productivity, shorter queues and better security, according to proponents such as Mr. Robbins-Jones.
“The time spent by retailers handling cash is, frankly, embarrassing,” he said.
Moderator’s Comment: What are the benefits/drawbacks of cashless transactions for retailers? Do you see U.S. retailers opening cashless stores in the
George Anderson – Moderator