IBS Journal June 2016


37


John Howells, Chief Executive of LINK, observed: “Despite the many different ways to pay that we have in this country, this record for ATM withdrawals clearly shows that cash has a bright future in the UK. Indeed, with the roll-out of new plastic banknotes and the 12-sided one pound coin on the horizon, we can confidently predict cash is here to stay,” he said.


The truth is when it comes to the future of payments, no one knows anything. At the same time that they were singing the praises of contactless and mobile services, Payments UK were hedging their bets as to how new entrants will fare. Chief Economist, Adrian Buckle, said: “With so much innovation happening in payments at the


moment – not just from traditional payment providers but increasingly from new players such as retailers, FinTechs and other technology providers – it is very difficult to predict which of these new innovations will change the face of the way we pay. How their fortunes fare rests in the hands of consumers and businesses but one or two of them are bound to be big winners and potentially losers in the next decade.”


In short, don’t write off notes and coins just yet. If consumers and businesses are the ones with the final say, this tried and trusted method will be around for years to come, close to if not at the top of the payments pile.


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