Brave new finances

24 Jan 20

State-backed digital currencies are the future, and cash a thing of the past. Are we ready for the transformation?

Electronic payments are becoming the norm. A growing number of shop windows display ‘card only’ signs. And we can now pay for low-value goods with a simple tap of our card or even our phone, thanks to a range of mobile apps. In the UK, cash still accounts for just over a third of all payments. But this is predicted to fall to a mere 16% by 2027, according to banking and finance association UK Finance.

The pace of change is faster still in some other countries. In Sweden, for example, cash has been virtually eliminated. Only 2% of economic transactions are now made in cash, according to the Swedish central bank, Riksbank.

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