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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...

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by Sabrina Rochemont
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As the forum is about to close, we also need to conclude on the topic of a Cashless Society in 2018. The 2018 copy of the “Cashless World in Motion” is now released.   The paper first identifies the driving trends for the year, pointing to structural disruption of the payments ecosystem from conflicting forces. It then reports on regional developments for the topic, with emphasis on India, Kenya, the UK and Australia. The technology landscape was conducive to adoption of mobile...

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by Sabrina Rochemont
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This is more a HMRC than a Treasury question, yet is related to other threads re the environment on this forum .... and could be used to influence behaviours. The potential for an Automated Payment Tax has been played down so far, yet should it be assessed as a way to address some burning burning issues? 1-    To customise tax to levels of automation in a business or sector. This would provide a fiscal tool to balance the interests of society (ie retain a share of human labour where/...

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by Sabrina Rochemont
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ATMs seem to have reached a crossroad in the UK, as we observe: -       The number of ATMs is too high, in the context of reducing use of cash, leading to market pressure to close the excess (Ref LINK), -       Closure of bank branches and ATMs (as well as post offices?) cause issues in rural areas, leaving customers and small businesses without local access to cash services, -       Customers are assumed to prefer or have access to digital services to manage their accounts, despite...

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by Sabrina Rochemont
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We need to think about the implications of the numerous banking and payment outages this year in the UK (VISA, TSB…). In the second quarter of 2018, 64 incidents were reported: https://uk.reuters.com/article/uk-britain-banks-outages/britains-biggest-banks-report-64-payment-outages-in-last-three-months-idUKKBN1L01RO      These incidents can be categorised as security or operational events. We tend to be most afraid of external forces, yet most incidents are avoidable through adequate...

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by Sabrina Rochemont
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We need to talk about current and future means of payment, focusing on their environmental impact.   Does cashless equate greener payments? De-cashing would eliminate the negative impact of cash on the environment, mainly through printing processes, the storage and processing supply chain; ATMs play a particular role through their electricity consumption. Polymer bank notes have a longer lifespan, leading to a decreased environmental impact [Bank of England, 2013]. However, the UK...

Sabrina Rochemont
by Sabrina Rochemont
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Sabrina Rochemont
 

Sabrina Rochemont

United Kingdom

Joined this community on Nov 11, 2018

Bio Co-auhor and author of several papers on the topic of a cashless society, esp "The Cashless World in Motion", a chronicle of international developments on the topic of de-cashing. I contribute to this forum in my personal capacity, and do not represent the interests, opinions or any other political position of any organisation. - Recent publications include: https://www.actuaries.org.uk/documents/cashless-society-benefits-risks-and-issues http://www.actuaries.org.uk/documents/cashless-society-world-motion-2017-addendum http://www.actuaries.org.uk/documents/environmental-sustainability-cashless-soociety https://www.actuaries.org.uk/documents/cashless-society-negative-interest-rate-policies-2018-update

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