Cash - another nail in the coffin ?
As the contactless card limit more than doubles, Βι¶ΉΤΌΕΔ correspondent Kevin Peachey steps out onto his local high street to see if people are still bothered about cash.
Contactless card payments – when you can use a debit or credit card without having to enter a four-digit Pin – were first introduced in 2007. Back then, when you could spend no more than £10 for each transaction, some people still said it was the final nail in the coffin for banknotes and coins. Now that single use contactless spending limit has risen from £45 to £100.
What was billed as the alternative to loose change has now become part of normal shopping habits - accounting for nearly two thirds of all debit and credit card transactions so far this year.
For 5 Minutes On, the Βι¶ΉΤΌΕΔ's Personal Finance Correspondent, Kevin Peachey, has been out and about on his local high street in south east London to find out if his neighbours and local shopkeepers are still bothered about cash.
Image Credit - Paul Martin
