Tesco champions cashless revolution by opening second cash-free store

By Aisling Finn on Tuesday 25 February 2020

Digital Banking

The store will be located in High Holborn, where there is a high concentration of offices and workers.

Tesco champions cashless revolution by opening second cash-free store
Image source: Tesco

Tesco has announced today that it is to open up a cashless store in High Holborn, London.

Britain’s biggest retailer will offer a range of electronic payment methods on self-service tills with staff still on-hand to help.

The store will be the second cashless shop for Tesco after it opened one at its Welwyn Garden City headquarters in 2018, which is mainly used by staff but is open to the public as well.

In the UK, the number of cash transactions is rapidly declining, debit card payments overtook cash in 2017 and have continued to increase the gap between the two.

Data from UK Finance suggests that by 2028, cash will account for just nine per cent of transactions and contactless will be used in 37 per cent of all transactions in the UK and debit cards will be used for half of all payments by 2024.

As we move ever closer to becoming a totally cashless society, there are concerns that the most vulnerable people in society could be left behind.

Even with these concerns, it is clear that cash is slowly turning into a thing of the past, no one in the AltFi office has even seen one of the new £20 notes despite it launching almost a week ago.

The millions of customers that use digital banks are a testament to the cashless revolution as even more people are using challenger banks as their primary accounts, pushing traditional banks and cash to the wayside. 

Ultimately, cash costs the UK a huge amount of money every year and the opening of Tesco’s cashless store could be a view of what’s to come.

A Tesco spokesperson said: “We’re pleased to be opening this cashless store in High Holborn to help customers checkout and pay quickly.”

“This is our second entirely cash-free store, our first opened in May 2018 at our Head Office in Welwyn Garden City. We are looking forward to hearing customer feedback.”

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