OG on ITV: the new 20
On 20th February, ITV News visited our offices to get Octopede opinions around the new £20 note and the UK’s potentially cashless future. The new £20 has a snazzy feature which can only be seen using SnapChat. ITV asked our resident millennials whether that was enough to make them use cash. Here’s what they said:
Account Director, Ella Darlington
I only use cash if I’m making a visit to my local fruit and veg market, and lots of my local cafés don’t even accept cash. [The new £20 note] feels like a bit of a one and done gimmick from Bank of England. I wouldn’t be surprised if we’re headed towards a totally cashless/contactless payment society like a lot of Chinese cities.
Office Manager, Lydia Neil
If this is an exercise to get more young people to use cash, then companies (like those in the transport and retail sectors) need to make it easier because at the moment it’s way less hassle to tap your card. And people always opt for convenience.
Account Manager, Kalim Hawkins
Cash has had its day. It no longer serves modern living and I only use it when I’m forced to – such as in independent shops and restaurants. Though I expect that even those remaining businesses will eventually make the move to card as primary payment method.
Marketing Automation Executive, Luke Whitton
I like the polymer design and I can see why the Bank of England collaborated with Snapchat, but I don’t think this will change anything for young people. Cash just doesn’t have the convenience or the usefulness of today’s digital alternatives. I can’t see it disappearing altogether, but it’ll be interesting to see how its role changes over the next decade.
Account Executive, Mariam Hanna
Aside from the convenience of not carrying cash, the security aspect is key to me. If my card gets stolen, I can easily cancel it and track any fraudulent activity through online banking. Once cash is stolen, it’s highly unlikely you’ll get it back. This is likely to be a main factor in why shops do not accept cash anymore – less people are carrying and spending with cash, so why add to the risk of being a target to burglars?
Seems like Octopedes aren’t the most cash-friendly bunch; what else would you expect from fintech enthusiasts? Whether cash will eventually become obsolete remains to be seen. But this Monzo wielding, Apple Pay loving lot aren’t likely to lose any sleep over it.