By Brian Groom
Published: April 20 2010
Not long ago the only people who sought to abolish money were the Khmer Rouge, the extremists who declared "year zero" in Cambodia and killed more than 1m people, including anyone remotely connected with capitalism. Now, at least where notes and coins are concerned, the free market is succeeding where the Khmer Rouge ultimately failed. Cash payments will account for less than half of all transactions in the UK in five years' time, according to a report by the Payments Council, which co-ordinates payment systems. Debit cards, electronic transfers and contactless cards are taking over.
Mike Bowman, head of policy and markets at the council, reassures us that cash "won't disappear in our lifetime". But whose lifetime is he talking about? Mine certainly, I hope, but I am not so sure about my children's.
brian.groom@ft.com
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