The crown is slipping, and cash is losing its kingdom. Thanks to the growth of mobile technology and e-commerce, many people have been writing the obituary for banknotes and hailing the arrival of the cashless society. While there is no final farewell for hard currency in sight — confirmed by a recent Forrester poll in which 53 percent say they still favour traditional coins and banknotes — the future is unquestionably digital and paperless.
Smartphones are helping to drive this new economy, providing connectivity and processing power that is widening the market for contactless payments and digital wallets. And it’s a change that is being reinforced by the millennial generation.