As predicted, 2017 witnessed considerably more aggressive discussion around the prospect of a cashless society.
It was revealed that former Chancellor of the Exchequer, George Osborne, had been entertaining the idea since 2013, thanks to one of his advisors lobbying the idea. In the feedback of the money episode of Jacques Peretti’s thought provoking series Billion Dollar Deals and How They Changed the World, there was scrutiny on the sentiments expressed by the VISA representative who claimed that an economy that operates freely of cash note and coin would be undeniably beneficial.
Charities, who extract much of their donations through coin, feel differently, as did many others in multiple opinion columns and other comment opportunities. The objection to the idea of using only plastic (or eventually perhaps, a fingerprint) is based on the premise of control; if you cannot control the pennies, its guaranteed you won’t control the pounds. You see, tapping in has to be paid for - unfortunately for the consumer, this is not just the price of progress, but efficiency too.
In 2018, we need to temper the discussion by promoting the idea of co-existence: for the foreseeable future, cash note and coin are here to stay - the visions of an economy functioning without the basic measurements of wealth is at best, a vision. This year more polymer notes will be released around the world, along with more secure coins, further diminishing the margins for counterfeit. You can rest assured Fourex will continue to exchange these, and many others, at highly competitive rates.
Fourex was established on the principle of ground-breaking exchange; a means to discover value in what was previously considered valueless. With our proprietary recognition technology, we have enabled tens of thousands of successful transactions over 150 countries in just three years in both note and coin. We will continue to evolve and advance, with a full appreciation of advancing technology, and will maintain our argument that the debate in 2018 should not focus on the rise of one form of payment at the expense of the other, but rather, a harmonic existence where people are given options.