Cash - the Beginning of the End?
There were 13.2bn debit card payments in 2017 - eclipsing cash transactions for the first time. Contactless card payments exceeded £52bn - that was 5.6bn payments. However the Mail confirmed 22 April that thieves are stealing £27 every minute. The banks are reassuring saying they will of course return this money BUT this is eating into their number one concern: profit. Is it a cynical view to believe they will recover this money in other ways? When was the last time your bank charges were reduced? Has your bank increased your savings rate following last Decembers borrowing rate rise? 90% have yet to do so. I note the banks are making a return to financial services - remember how that worked out last time?