Would a cashless society work in Britain – or is it a recipe for disaster?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 31 August 2018
⏱️ 37 minutes
🧾️ Download transcript
Summary
Established banks, challengers, fintech firms and payments providers – they all have one thing in common: none of them are immune to IT problems, glitches, hacks, meltdowns or customer service failures.
Yet the momentum towards going cashless shows no signs of slowing down - but is Britain ready for it?
In this week's podcast, assistant editor Lee Boyce along with host Georgie Frost talk about the future of payments.
Elsewhere, we reveal what went 'wronga' at Wonga and why Lloyds Bank is now recording all product openings in branch.
We also discuss the potential Aston Martin float, which could value the firm at £5billion.
Lastly, motoring editor Rob Hull talks about two car brands from different ends of the spectrum – Ferrari versus Lada.
A 250 GTO sold for a record auction price recently while a Lada could sell for £75,000 – yes, a Lada. Could it be a miracle?
Transcript
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| 0:00.0 | Welcome to This Is Money podcast in partnership with NS&I. |
| 0:05.4 | I'm your host, Georgie Frost and alongside me today is Assistant Editor Lee Boyce. |
| 0:10.7 | And from back at base is motoring editor Rob Hull. |
| 0:14.7 | And coming up, it's the Cash Edition. |
| 0:17.1 | Our reports of its death greatly exaggerated, if not, are we as a society and our |
| 0:23.3 | financial institutions ready to go cashless? But if you do have a spare bob or two, |
| 0:29.4 | 48.5 million for a Ferrari, anyone? Well, bad luck, that's just sold, but don't worry, |
| 0:35.7 | what about a larder for the bargain price of 75 grand? |
| 0:40.6 | All this and plenty more coming up. Don't forget you can stay up to date with all the latest breaking money news. |
| 0:45.8 | Just go to this ismoney.co.uk or download the app. |
| 0:50.7 | This is Money. Brought to you in partnership with NS&I, where safer savings set you free. |
| 0:58.7 | TSB, RBS, HSBC, NatWest, Barclays, Beez, Europe. |
| 1:05.4 | And this week, Revoluted, but I could go on. |
| 1:08.3 | Challenger, FinTech, established bank, they all have one thing in common. None |
| 1:12.6 | are immune to IT problems, from glitches to hacks to complete screw-ups and total meltdowns. |
| 1:19.0 | After the TSB fiasco, which is still not fully resolved, regulators gave British financial firms |
| 1:24.6 | until autumn to prove they could handle a cyber attack or an IT breakdown. |
| 1:29.0 | Yet, the momentum towards a cashless society shows no signs of slowing down. |
| 1:35.2 | Contactless, digital currencies, bank branch closures, but are we ready to go cashless? |
| 1:40.5 | Leah, a very warm welcome. |
| 1:42.3 | Just the easy quick question, are we ready to go crashless? This is something |
| 1:46.0 | you wrote about this week. So why were you writing about it, Lee? That's great. Well, there's been a number of |
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