If some predictions are to be believed, we will be living in a cashless society by no later than 2012. This may not come as a major shock, given the current trend in online shopping and the ubiquity of 'chip-and-pin' on the High Street. But where does this leave the trusty chequebook - once a staple part of British consumer culture?
Well, being paper-based, cheques are more expensive for banks to process compared to electronic methods, so a gradual shift away from cheques in many European countries has become the norm in recent years. This 'discouragement' usually comes in the form of extra charges for using cheques or making the alternative payment options more appealing. And, of course, the wide-spread use of ATMs and chip-and-pin in most outlets has meant there is little need to have a cheque-book these days.
Indeed, many high-profile retail outlets such as Sainsbury's, Asda and Boots now don't accept cheques at all, as relatively few people use them and it is very time-consuming to process them. And this will only serve to push even more customers towards paper-free payments.
But credit cards have been around for long enough now for this seemingly inevitable cashless-society to be embraced with minimum fuss. After all, in the build up to Christmas it is estimated that UK credit cards will account for around a fifth of all spending this December. Furthermore, 1 in 10 people still carry credit card debts from LAST Christmas.
So, while it seems that carrying plastic is definitely the way forward for the 21st century consumer, it would also seem that seeking out the best credit card deals is a wise move, given many people only manage to cover the interest-payments. Fortunately, in the consumer-centric internet age, there are web sites dedicated to the cause, and will compare credit cards for factors such as interest rates on purchases and balance transfers. Indeed, many credit cards offer 0% on balance transfers and interest-free periods on all purchases, making it an extremely worthwhile venture to shop around for the best credit card deal.
With cheque-books more-or-less becoming a thing of the past, consumer culture in the UK is moving ever-closer towards 'paper-free' payments. Whilst predictions suggesting we could be entirely 'cashless' by 2012 may be a little premature, the fact remains that it certainly looks a safe-bet at some point in the future, with online shopping slowly becoming the norm and chip-and-pin commonplace in most retail outlets.
Elisha Burberry is an online, freelance journalist and keen traveller and watersports enthusiast. Originally from Scotland, she now resides in London.
Source: www.articlesbase.com
