Vending Insight 47

Vending Insight 48: Is COVID-19 The Beginning Of The End For Cash Vending?

Hello again and welcome to Vending Insight 48, Is COVID-19 The Beginning Of The End For Cash?, brought to you with the assistance of our friends at Vianet Smart Machines in association with Vendman, the UK’s Number One ERP software for vending operators.

 

Vending Insight 48: Coronavirus marks the real beginning of the end of cash (Yahoo! Finance)

The coronavirus pandemic has placed front and centre before us the question of whether societies need to use physical money. In fact, it reignites the rolling debate of whether hanging onto the use of physical cash is a wasted endeavour. More, HERE

Are digital payments COVID winners? (Racontuer)

The coronavirus pandemic represents a turning point for the payments industry, as those companies that have invested heavily in digital and mobile technologies thrive. More, HERE

Vending Insight 48Businesses are refusing coins and notes… now we’re warned Britain may be cashless in two years (This Is Money)

It’s a decision many other businesses are expected to make as they emerge from lockdown. Research conducted for Money Mail by Amaiz suggests 50 per cent of small businesses have gone cashless or plan to do so due to the virus. Full story, HERE

Vending Insight 48: Coronavirus accelerates shift away from cash (Financial Times)

The effects are being felt through the banking system. ATM transaction volumes fell as much as 62 per cent year on year at the start of the UK lockdown, according to data from Link, which runs the UK’s cash machine network. Authoritative article from the FT, HERE

Coronavirus ‘will hasten the decline of cash’. (BBC)

Following a survey of consumers, Link suggested that 75% of people were using less cash, and 54% of those asked said they were avoiding cash. Clock HERE

End of UK coins and banknotes? New measures mean Britain could be cashless in two years (Daily Express)

Could temporary measures designed to limit the spread of coronavirus pave the way for a cashless society? Recent research appears to point in that direction. A survey conducted by Amaiz for Money Mail showed half of small business owners have either already gone cashless or plan to do so due to the epidemic. HERE

Covid-19 changing the way consumers view cash, survey says (Choose)

Survey results from Link show fewer people are using cash in short term and expect this to continue when coronavirus restrictions end. Full story HERE

Vending Insight 48Vending Insight 48: The Future of a Cashless Society (Total Processing)

At the beginning of 2020, Britain was on course to become a cashless society ‘within the next 10 years’. Coronavirus will likely accelerate us into a cashless society much quicker than predicted… HERE

COVID-19 – Accelerating the Trend Towards a Cashless Society? (Lexology)

The sharp reduction in the use of cash has been accelerated by COVID-19. Prior to the crisis, digital payments were already on the rise as the use of cash rapidly declined. This has led central banks around the world to consider issuing their own electronic currencies. Great srticle, HERE

New study highlights Europe’s leading cashless economies as cash usage in UK halves due to coronavirus (Retail News)

A new study by Merchant Machine has analysed Europe’s leading cashless economies. The study highlights the countries where citizens would like to go completely cashless the most and who uses contactless payments the most… Info HERE

 

That’s it for Vending Insight 48. Vending Insight 49 will be with you soon, See you then.
Visit teh Vending Insight archive, HERE

About the author

The Editor

Planet Vending’s Editor is Ian Reynolds-Young and it’s Ian’s unique writing talent that has made PV what it is today – the best read (red) vending blog in the world, and vending’s best read (reed). Ian ‘tripped and fell into vending’, in the capacity of PR executive, before launching a specialist agency, ‘reynoldscopy’, dedicated to the UK Vending business. The company continues to represent the interests of many of the sector’s leading brands.

‘It’s all about telling stories’, he says. ‘We want to make every visit to PV a rewarding experience. By celebrating the achievements of the UK’s operating companies, we’re on a mission to debunk the idea that vending is retailing’s poor relation.’

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