UK Finance’s report into payment trends can’t be ignored. However, I would caution against assuming that this signals the death of cash. While clearly in decline, I would bet my last pound, dollar or euro that cash outlasts plastic as a method of payment. Cash still matters because it is our universal default, because it works regardless and puts us in clear control over our finances. We rely on mobile and contactless more and more but, unlike cash, they’re not 100 per cent reliable as too many of us experience too often with technology outages. Cash may have lost top spot, but it is still number one choice of many, and will remain an alternative payment choice for a long time to come.
Mark Aldred, banking specialist, Auriga