Regularly we talk about ‘going paperless’ as we strive for operating efficiencies and environmental improvements. Rarely does the subject of ‘going cashless’ get the same amount of air time, but it’s happening at a similar pace.

Cash has been the way we paid for things for 2,000 years, but quietly its position as the ‘currency of choice’ has been eroded. During 2019 it is almost certain that debit cards will overtake cash as the most-frequently used way to pay our bills. Ask my kids.

Contactless payment systems have increased the pace of change

I used to think that the fact they never had any cash on them was simply a way to get Dad to foot the bill, but in fact it was clear evidence of changing times – they had no need for cash as they could simply ‘flash’ their card. Contactless payment systems have increased the pace of change.

If someone has too much cash, we’re now supposed to be suspicious of them because they may be ‘laundering’ money, rather than envious of the obvious sign of their success. I was pleasantly surprised last month when a local jeweller took ‘used notes’ from me that I’d won at the races. Should we really be concerned what High Street retailers think of us if we pay by cash?

Non-cash alternatives are hardly risk-free

There is, of course, the suggestion that plastic is safer than cash; not an environmental argument, of course, but one of physical security. But you only have to read stories about online and card fraud to know that non-cash alternatives are hardly risk-free.

The banks are encouraging the move away from cash with the development of their online services and Apps for handheld devices, as well as their ongoing closure of branches, which shows no sign of abatement, and the withdrawal of ATM machines.

Will we ever become completely cashless? The Treasury doesn’t think so, as it has spent the last couple of years converting old notes to more durable versions. There are still issues with technology, such as broadband speeds in rural areas, that might hinder it becoming extinct.

I hope it doesn’t disappear completely.