Cash is no longer king (Image: Sonny Meddle/Rex)
Increasing reliance on electronic payment creates dangers for consumer protection, privacy, political interference and competition, says Jem Bendell
Cash is no longer king. The latest figures show that the total number of cashless transactions overtook ones using cash for the first time in the UK in 2014. The change was no doubt boosted by new technology – payment apps for phones and contactless systems that allow you to just wave a card or a phone over a terminal.
It’s convenient, but are there are any downsides to a cashless society? Banks have proved to be poor guardians of the…
