Cashless society? No, we want to keep coins!

EFFORTS by banks and stores to end the use of notes and coins are failing, with only one in three happy to live in a cashless society.

Finance giants want people to switch to contactless cards or smartphones for making payments as this is much cheaper for them than handling real money.

It also boosts retailers as there is evidence that shoppers are more likely to spend when using virtual money than cash.

However, research by retail analysts Mintel found just 28 per cent of women and 38 per cent are in favour of moving to a cashless society – an average of 33 per cent.

Older people are particularly opposed to losing the right to pay in cash. Just 20 per cent of those 55 and over are in favour, compared with 43 per cent of those aged 25-34.

Reluctance to give up on cash may be related to evidence that contactless cards are open to fraud and theft.

A security loophole means most cards can continue to be used for small purchases by criminals for weeks after they have been reported stolen.

Only 30 per cent of those in the South East, East Anglia and Yorkshire want to move away from cash. The figure is 36 per cent in Scotland and 37 per cent in London, where buses no longer accept cash as payment.

Just as most retailers now refuse to accept cheques, it many are expected to move away from notes and coins over the next ten years.

This pattern is already being seen in countries such as Sweden, where paying through a smartphone app has taken off.

But Mintel’s senior financial services analyst, Patrick Ross, said: ‘The demise of cash has been greatly exaggerated.

‘Many people still prefer using cash, while others simply like to have some cash with them just in case. Although card payments are almost universally accepted in urban areas, cash continues to play an important role in everyday life.’

THE new plastic £10 note featuring Jane Austen enters circulation today.

It is the first Bank of England note that incorporates raised dots to help blind and partially-sighted users.

Like the Winston Churchill £5 note already in circulation, the £10 showing the Pride And Prejudice author is made from a polymer. The new banknotes are expected to last at least two-and-a-half times longer than the current paper £10 notes, around five years in total.

The old tenner will be withdrawn in spring 2018. The exact date will be announced at least three months in advance.