Plastic, say retailers, will not replace cash in near future
Spokespeople from the BRC disagree, however, saying "We don't foresee it [a cashless society] in the immediate time period. Cash is still very popular as a method of payment for a great many people."
Cash represents a very substantial part of total revenue for retailers - the second biggest after debit cards - and the BRC spokesman said: "I can't see that changing a huge amount in the very near future."
At present 3/5 of all transactions worldwide are cash-based. According to research by Apacs this will be reduced to under 50 percent by 2015, when credit and debit cards will overtake cash as the preferred method of payment.