Empty pockets: Why shops going cashless is good for business – and consumers
Cash use is in terminal decline in the UK and across the west. It is being replaced by a fintech revolution which is helping businesses and consumers alike. Handling cash costs small businesses around £3,000 per year each, and many are deciding to get rid of it altogether.
Cities like San Francisco have made the error of banning card-only shops. This move is anti-innovation. UK politicians should avoid copying this mistake.
Supporting those without bank accounts and improving financial inclusion will only happen with a forward-think approach to finance, and embracing Open Banking. Fintechs like Monzo and Pockit are finding new ways of using their technology to support the poorest in our society and their innovations should be encouraged by the government, so everyone has access to electronic finance, enabling them to play full part in the modern economy.
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