Developments in the fintech
sector are leading to several changes in the way people process
transactions. The rise in cashless payment services might
mean that soon, Britain will stop using physical
money altogether. In fact, some experts have predicted that this might
happen by 2035. According to the Access to Cash Review, by the end of
this decade, fewer than one in ten payments will involve cash. As such, a
review panel is urging the government to bring in new laws and regulations to
enhance cybersecurity
and protect customers’ rights to pay with fiduciary money.
Britain
is on the way of becoming cashless
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