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A taste of cash free commerce

Friday, April 08, 2016 - 01:24

The rise of the cash-free business comes just as Britain prepares to spend millions switching to plastic bank notes. Stuart McDill reports.

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This salad bar has tossed more than the lettuce... Already 25 outlets in two countries, turning over 13 million pounds, but this store not seeing a penny of it. They've thrown out the till - and are turning away cash. SOUNDBITE: Stuart McDill, Reuters reporter, saying (English): "I'm in a salad bar behind the Bank of England that doesn't take cash and whose owner believes a cashless society is on its way. This just as the Bank is about to roll out Britain's new plastic bank notes and the future of cash itself appears to be in doubt." Tossed's customers choose their food and pay for it on a tablet - the first cash free restaurant in Europe, according to founder Vincent Mckevitt, who says the move has gone down well with staff. SOUNDBITE: Vincent Mckevitt, Tossed founder, saying (English): "There's no money going missing, there's no money being transported. It's massive efficiencies in the back end. I think cash is dying and the managers are very happy with the change." Just round the corner, they have a rosy view of the future of notes and coins - preparing for the switch from paper to plastic banknotes. One estimate puts the cost of the switch to the economy at more than a billion pounds - changing every ATM. But extra security is worth it, according to the Chief Cashier of the Bank of England, Victoria Cleland. SOUNDBITE: Victoria Cleland, Chief Cashier, Bank of England, saying (English): "So we think it will be extremely difficult to produce good counterfeit notes that can be identified." The Bank reports an increasing demand for cash year on year, but customers here appeared to have moved on.

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A taste of cash free commerce

Friday, April 08, 2016 - 01:24