My Cashless Challenge – 2014

Cash – its dying. Simple as. Today we can send money worldwide within seconds, or salaries are paid directly into our bank accounts and we can move money between financial institutions and accounts all without leaving our homes.

Why would anyone need to carry notes, or change? I want 2014 to be the year when I obliterate change. I don’t want notes, or coins filling up my wallet – I want all of my payments to be performed digitally! The debit card is king!

For starters I hate coins and notes – not only do I have to count loads of notes and change at work, but its dirty – think over the lifetime of a coin or banknote, how many people have touched it? Where has this money been?

The way I see it is why would anyone need to carry any cash? The more cash you carry the more change you loose! For example you pay for your £17.75 shopping with a £20.00 note, and after loose the £2.25 change. You leave it in your purse/wallet and it simply disappears into the nether!

Certain stores do not accept debit card payments; this means in 2014 I may have to boycott these. Is this bad? I mean the university campus shop is cash only, yet there price’s are +5% compared to the nearest supermarket – should convenience be favoured over cost/price? Maybe the small additional walk to the supermarket will be beneficial to my health alongside the benefit of saving money.

However, I have noticed significant steps toward a cashless society more and more local outlets have implemented contactless payments technologies – such as McDonald’s restaurants, WHSmith Stationers and Newsagents, this is brilliant as I can effortlessly pay for my good/services faster using a digital payment method opposed to handing over dirty cash and receive pointless change.

Anyway, here is to a cashless 2014 – wish me luck! I will be updating my blog with my findings.