Sun, Sep 09, 2018 - Page 15 News List

Times are changing in London, where contactless is king

The UK government expects cash to make up only 21 percent of domestic payments by 2026, while some businesses in London have already phased out the use of cash, warning customers with signs that only cashless payments would be accepted

By Joseph Stenson  /  AFP, LONDON

Authorities are keen to move away from cash, as the recording of transactions makes it harder to avoid taxes, as well as to finance terrorism.

However, the homeless, refugees and others who struggle to secure bank accounts could be shut out of this new economy, Scott said.

Recent history also seems to vindicate those with concerns about overreliance on card technology.

In June, 2.4 million British card transactions were affected by a Visa Inc outage — leaving pubs, shops and restaurants struggling to do business during prime trading hours on a Friday night.

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