Future Forum | Bank of England

Money, Money, Money

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Money, Money, Money pages will be focussing on three key themes:

  • We want to understand how people in the UK use their money, what payments they make and where, and what they think the future of cash will look like.

  • We will also discuss the range of  payment service providers available, from banks and building societies to Open Banking.

  •  The Bank's important role in payments, the changing face of banking, and managing your data.

 

Take part in our Cash vs Cashless Challenge now to help us understand how you use money today!

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  1. Ian Collier
    647 pts
  2. Believing CBDC
    362 pts
  3. Sabrina Rochemont
    260 pts
  4. Simon Youel
    203 pts
  5. The Economist Educational Foundation
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Quick Response codes (QR codes) feature as a popular and widely adopted technology as part of the digital economy and payment system. They have been widely adopted in Asia. Would they be useful in the UK?  The below paper seeks to understand the phenomenal rise of QR codes use by: • Explaining the historical development of QR codes; • Exploring the reasons why QR codes have become popular; • Highlighting QR codes in a cashless society, particularly in payment systems; • Considering...

Sabrina Rochemont
by Sabrina Rochemont
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Sabrina Rochemont

The undergrad textbook I have has a model that balances the cost of withdrawing cash vs the convenience of having it. But now you dont have to physically visit a bank so perhaps the costs are now more like fees for transferring from interest bearing accounts to current accounts. Im going to be studying MSc level soon so will probably learn about this anyway but Ive always wondered...

Bekah Griffiths
by Bekah Griffiths
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Bekah Griffiths

Why do you plan to suspend comments just at the time when many people will have more time than usual to participate?  I can understand that the moderators want time off, but you could still allow comments to be posted, to appear later.

SABP
by SABP
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SABP

It’s the season of goodwill. How lovely to hear Carol singers singing beautiful songs and collecting money for charity. Last night I passed by a group of about 20 singers and had to pass them by because I had no coins in my pocket and the smallest note in my pocket was £20. Maybe I should have dropped £20 into their hat, but this problem must be hitting charity collectors and buskers really hard. Card readers are cheap and have been given to some buskers around the world including London....

Ian Collier
by Ian Collier
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Ian Collier
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The payments landscape is changing rapidly. There are more ways to pay then at any other time in human history resulting in people using cash less for day-to-day transactions. But apart from data that makes these points, do we really know why people are using cash and what drivers will change their behaviour in years to come? Who knows what the new payments tech will be in 2028! I’d like to share the results of a study we (Cash Services) conducted last year (below). The insights are not...

David Fagleman
by David Fagleman
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David Fagleman
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This is a long post with questions relating to CBDC. I thought it might be better to post here than putting in the format of the questions session. Hopefully it's still noticed by the Governor. Dear Governor Carney: The BoE has done a good amount of rather high quality research works in CBDC, and had been one of the very first central banks to study the subject. The Staff Working Paper No. 605 was published since July 2016. Most the studies since had seem quite favorable and prospective...

Believing CBDC
by Believing CBDC
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Believing CBDC

I am watching the six o’clock news about the trafficking of migrants by dingy across the English Channel. The report states that Illegal immigrants pay the traffickers in cash (no surprise there) but when they get to the UK they get paid in cash because they are unable to open bank accounts. There is no way that the Navy can patrol all our coastlines and those who get through only perpetuate the practice. A cashless society would mean that illegal immigrants could not work and it would...

Ian Collier
by Ian Collier
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Ian Collier

Most payments are now easier without cash than with it. Almost all businesses prefer cards or bank transfers whether dealing  B2B or consumers. Mobile banking/phone apps make this very easy for most people. When there are easy ways to do personal transfers to friends and family in small amounts including to small clubs and charities then we will have little need for cash in normal day to day activities. The exception will always be the sectors of our society that prefers anonymous...

Robert Robinson
by Robert Robinson
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Robert Robinson

All ATM's should have the facility to pay money back into the bank. This would reduce the need to refill them and more importantly enable people to have more control over their finances.  Being able to get a balance is also a minimum requirement but even better a printed statement.  When trying to live on a budget using cash is often easier to track as you can easily lose track of card transactions.  It is important to be able to have the ability to check bank balances and pay cash back in...

Kelly Goodacre
by Kelly Goodacre
2 Votes
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Comments 5
Kelly Goodacre

All ATM's should have the facility to pay money back into the bank. This would reduce the need to refill them and more importantly enable people to have more control over their finances.  Being able to get a balance is also a minimum requirement but even better a printed statement.  When trying to live on a budget using cash is often easier to track as you can easily lose track of card transactions.  It is important to be able to have the ability to check bank balances and pay cash back in...

Kelly Goodacre
by Kelly Goodacre
1 Votes
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Comments 7
Kelly Goodacre
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