So the limit for contactless payment goes up to £100. We understand that this was originally increased to £45 during the pandemic as a means of protecting staff. It was never proven that passing cash transferred the virus, but it did mean we had a greater level of proximity to customers.
At first glance this means little to us, our average basket spend is under £9, so what, maybe even the increase to £45 didn’t matter. So while it may not be directly effecting us in that way, what does this mean for society and the use of cash. Obviously there will always be a need for cash, as a means for people to pay other people, cash disappearing is a long way off, but what about the amount of cash we take in store.
The Telegraph reported last week that retailers didn’t like cash because of the cost of banking, but I am not sure that is entirely true. In fact for most business’ the more cash the better. Not really sure what we can do about this increase but the sentiment from C-Talk is very clear, lets do everything we can to keep cash alive.