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Cash vs Cashless: Will cash die out in the future?

Cash has been considered as the spokesperson of money for a long time. However, the emergence of digital payment methods has subverted the perception. According to the statistics, cash only accounts for 28% of all payments in the UK in 2018 and it is predicted that this figure will fall to 9% in eight years. Considering the impact of coronavirus, we believe that the cashless trend will expedite.

Currently, around 7.4 million people in UK are living an almost cashless life. Rather than using cash, they prefer the more convenient payment methods including contactless card and alternative payment methods like Paypal, Apple Pay, etc.. In China, the proportion of mobile payment reached 86% in 2018 with the second-highest growth rate in the world. Two leading third-party platforms Alipay and WeChat Pay monopolised the Chinese market.

Digital payments have absolute advantages. Firstly, it improves the user experience through simple and fast payments and avoids the hassle of carrying large amounts of cash. Secondly, it saves cost for cash machines and manufacture of paper money in general. Also, it’s more transparent and secure due to accurate records. Such records could not only reduce the risk of corruption and theft but also helps merchants analyse transaction data easier in digital platforms. However, we cannot deny that cash is useless. Cash is still circulated and lots of people argue that cash helps them keep budget since the limitation of how much they could spend with cash.

While the boom of contactless card and new alternative payment methods like Paypal, AliPay and WeChat Pay, cash seems unlikely to disappear soon. There is still demand cash and the popularity of new payment methods will still take some time. However, cashless is an inevitable trend and how to brace this trend is a required course for all businesses.

As one of the leaders in cross-border payments, Globepay is the expert in providing alternative payment solutions especially popular Chinese digital payments. We are the official partner of WeChat Pay, Alipay and Union Pay and our professional teams will help you with cashless payments!

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