Please find below a comment from David Orme, SVP at IDEX Biometrics, in response to today’s news that Philip Hammond has ditched plans to scrap 1p and 2p coins as part of plans to stop the UK going cashless.
In this comment David argues the future is cashless, but banks, with Governments support, need to do more to ensure those that heavily rely on cash are support through the move towards a cash-less future.
David Orme, Senior Vice President at IDEX Biometrics:
“The news today that Philip Hammond has ditched plans to scrap 1p and 2p coins as part of plans to stop the UK going cashless, serves as a stark reminder that we cannot take an ‘all or nothing’ approach to becoming a completely cashless society. To ease the move towards cashless, more needs to be done in terms of raising awareness around the benefits of a cashless future, as well as making sure such benefits are accessible to all.
Disadvantaged groups are more likely to rely on cash and some, such as those who do not have a bank account, have little choice but to use cash for everything. In 2017, people in the UK made more than 13 billion cash payments1. The choice seems clear: either ensure the continued availability of cash or make it easy for all members of society to go cashless.
The introduction of fingerprint biometric payment cards is just one innovation that will enable consumers to securely embrace cashless payments. This unique and ultimately secure payment solution is virtually impossible to replicate and could actually help to bridge the gap to financial inclusion as transactions will no longer be focused on what we know or can remember (PINs), but who we are. This will, therefore, remove the potential barriers that face those living with dementia or literacy challenges and put consumers at the forefront of payment innovation.”