Search

Do you mourn the slow decline of those who will still accept cheques? Or are you keen to see better, safer ways of paying for things?

Let’s just remember the times when your credit or debit card was placed in a machine on top of a duplicate slip and a slider was manually swiped over the raised details on the card imprinting on the slip; you signed the slip to confirm the transaction; the assistant checked your signature with the one on the back of the card (never could make mine look anything like it!); you were given a copy of the transaction… what a palaver!

Nowadays most people use some form of card to either pay for goods or services or get cash from the ‘hole in the wall’ – without the excruciating process described above.

I’m sure that some members have a contactless card and maybe, like me, you haven’t used it yet.  The next stage in this continuum of ever-advancing systems is payment by some type of mobile device. “Here he goes again, talking about smartphones!” I hear some of you say… but this is the reality of where payments are heading.  I don’t hear anyone (except me perhaps) talking about the demise of credit and debit cards, but at some point in the future, they too, like cheques, will cease to exist.

The UK now has both Apple Pay and Android Pay (called ‘digital wallets’) where contactless payments (usually limited to £30 maximum per transaction) are made from a mobile phone.  This is more secure than using a card to pay for something, as the phone does not store your card details.  Yesterday in Waitrose I paid for the shopping using my Samsung Galaxy phone with Android Pay instead of using my card. 

If you need to get around by bus or tube in London, you have to have either a contactless Oyster or debit card, or use a smartphone to pay.  Cash is simply not accepted on London buses now.  So although I hear some members crying ‘this is all too much for me’, they probably would have said ‘I’m never going to use a computer’ five or ten years ago. 

We know that there are still many who do not buy online and still fewer that bank online.  If I were a betting man, I’d wager this will change over the coming years, as will the reluctance of many older people to acquire a smartphone.  What about you?  I’d really appreciate any feedback from this article…

Phil on 19/6/16

---

---