/ Money

Mark Carney: Let’s decide the future of money

Does cash hold a place in the future of money or are digital transactions now king? Our guest author Mark Carney, Governor of the Bank of England, wants to know your thoughts.

Money is evolving. So is the way we pay for things, the financial services we use and how we keep the financial system safe.

Bank notes are in the process of moving from paper to polymer, and for many people payment by plastic card is the norm these days.

We’ve seen the rise of contactless payments and even the emergence of crypto-currencies. These changes have implications for consumers. They also matter a lot to us here at the Bank of England.

We print bank notes, we process payments, and we keep your money secure by ensuring that banks and the financial system as a whole are resilient.

Changing payments

Understanding how people use their money and how they feel about changing trends in money and digitisation in financial services more broadly is really important to us.

That’s why we set up Future Forum: the Bank’s first virtual event where we’re asking consumers to talk to us about anything concerning the future of money.

We want to hear what you think about cash, contactless payments, the service you get from banks and building societies, and much else besides.

Perhaps you’ve signed up to the Which? ‘Save Our Cashpoints’ campaign and want to tell the Bank why access to cash through these facilities is so important to you.

Or you might have signed the Which? Action on Scams campaign because you have concerns about the risks associated with bank transfers and new forms of cybercrime. You can share your experiences with others on the Future Forum.

Cash question

Future Forum isn’t about navigating to the end of the road for cash. Bank notes will remain an important form of payment for many years to come.

But new forms of payment are becoming ever more common. And, as we look to the future, we want to know what this could mean for you, whether you’re young or old or whether you live in a city or a rural area.

Our Future Forum will be here until January 2019 and some of those people who are most active on the platform will be invited to a roundtable event with our Governors.

Many of us will be taking part in live Q&A sessions on the platform over the coming weeks, so please register now so that you can take part in these conversations.

This is a guest post by Mark Carney. All views expressed are Mark’s own and not necessarily those also shared by Which?.

What do you think about the future of money? Do you think there’s still a place for cash – or do you pay for everything on plastic?

Linda says:
18 February 2019

At 67 years old the government decided I should be taken off DLA and had to apply for pip the outcome was that I had to give up my mobility car hence I now have to use taxis to get out and about how can I do this without cash. Again our conservative government is discriminating against the ill infirm poor and disabled there are thousands of people who can’t get a bank account just what will they do.

Ray Bridges says:
19 February 2019

The use of cash or credit cards to pay a bill means that the retailer knows about you and your purchasing habits. Using cash to pay prevents them having access to my purchasing activity.

Some shops have a minimum charge for using cards. Also, in social situations, such as an ordinary bar, cash is mainly used. Also there is the very important principle of freedom of choice in this country and a freedom which must be maintained to have free ATMs – the banks, government should uphold this freedom of choice and what is an individual liberty..

Diane says:
19 February 2019

I prefer to pay cash for all my purchases. In the past, I have had a couple of fraudulent payments on my card, so prefer not to use it, as it just causes problems.

Prue Stokes says:
20 February 2019

There is no cash point near my address but I have my pension paid into the post office bank and collect cash there regularly. I am 89 and no longer drive. We still have a PO in the village. Long may it remain.

We are benifits and live rurally we don’t get money included in our benifits to pay charges we struggle anyway and one of us is disabled aswell so hard to travel to far away cash points