Payments are now increasingly non-contact, with a cashless society not too far around the corner, and with a U Account you'll be at the heart of the revolution.
Before we move on to contactless technology in an increasingly cashless world, let’s start with a few hypothetical scenarios, of which some are more realistic than others.
“How would you cope if they banned all mobile phones?”, for example, seems highly unlikely in a society that’s dominated by technology, whereas “what would you do first in the event of a zombie apocalypse?” is more suited to a TV world than the one we actually inhabit.
“What would happen if they took all of the cash away?”, however, is a lot closer to reality than you might think. Talk of a cashless society has been prominent for a number of years now and, with countries like Sweden leading the way, it’s only a matter of time before coins and notes are a thing of the past.
Those of you who use public transport around London may already have experienced the somewhat humiliating scenario of being turned away from a bus DESPITE having the right money. Except when we say ‘right’ money we mean the amount of change, rather than the method of payment.
Just how obvious is it that I’m bitter about not getting on that bus?!
A simple solution would’ve been to take my U Mastercard® Card along for the ride. In doing so, I would have joined the thousands of people across the UK who are now tapping onto public transport with a quick hover of a contactless card.
To emphasise the point, figures have shown that July 2016 was the first time contactless card spending has exceeded the £2billion mark in a month. It’s also estimated that nearly 80% of all point of sale terminals will be contactless within the next four years.
Here at U, we’re fully prepared for the cashless society, whenever it may be upon us. Our digital personal account is fundamentally built for a world of the future, as well as the present.
(The U Account comes with a free prepaid debit Mastercard® card)
But the whole idea of a cashless society got us thinking about a few things that might not have crossed your mind…
Will people be settling arguments with the toss of a contactless card? Or will the old classic ‘rock paper scissors’ encounter an unexpected resurgence?
How will Premier League football referees decide who gets to kick off? A trivia question for the two captains, followed by a foot-race in the likely event that neither of them know the answer?
What’s going to happen to the 2p machines that so many of us have enjoyed using at seaside amusement parks? Maybe they’ll be replacing the 2p coins with small, sugary sweets?
And what are we going to put in the charity boxes? Will they all be losing out because we’ve not got spare change any more?
Disclaimer: the introduction of the new £5 tells you that cash isn’t going anywhere just yet, but it might be sooner than you think.