Could companies be incentivised to go cashless?

18th Jul 2017

Visa is considering the launch of a scheme that will incentivise businesses in the UK to go cashless.

The company has selected 50 small companies in the US to trial the scheme, with each business receiving $10,000.

However, consumer group Fairer Finance have criticised the proposal, stating that cash is still vital for many people.

Speaking to the BBC, James Daley of Fairer Finance said: “It is easy to categorise it as a bribe, but ultimately they are incentivising companies to do away with cash, and that's not the job of people like Visa.

"In 50 years it seems unlikely that most of us will be using cash. But banks need to let evolution follow its natural course, rather than accelerating it.

"As a responsible society we need to look after vulnerable customers who rely on cash."

Daley’s comments reflect recent recommendations from The Institute of Customer Service.

In The Institute’s latest report, The UK Customer Satisfaction Index, The Institute advises businesses on how they can cater for these requirements from customers. It recommends businesses offer a “deep understanding of customers’ motivations and evolving needs” and “a relentless focus on customer journeys, spanning experiences, channels and life stages and clarity about where to prioritise effort, design and investment”.

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