The Bank of England is inviting its clients to experiment with the future of money, as it prepares launches the ‘cash vs cashless challenge’ this coming January.
The BofE is testing out a new open forum on the future of money, and is challenging British citizens to live for one week using either cash only, or no cash at all.
The idea behind the ‘cash vs cashless challenge’ is for Brits who usually use cash to live for seven days using only cards or alternative electronic modes of payment, while those who usually go cashless are being invited to ditch the cards for banknotes and coins.
The BofE has sustained that banknotes will remain “an essential form of payment for some time”. In fact, just this week, the central lender has asked its customers which scientist they would like to see gracing the new £50 note.
Yet as more societies jump on the cashless bandwagon, the British bank is also paving the way to the future of money, by inviting Britons to engage in card and mobile payments through the launch of this online forum.
As part of the challenge, the BofE is asking participants to keep a record of their monetary experience, detailing how easy or difficult it was to carry out the experiment, including a list of challenges and/or benefits and stating whether the seven-day transformation has shifted their view on monetary payments.
The online forum is looking to engage its participants as much as possible; it will host live Q&As with notable bank representatives including BofE governor Mark Carney, as well as online surveys and blogs.
The bank is also inviting school children to participate in a competition whereby they will be asked to send in a short film on what they think money will look like in the future. Winning schools will be rewarded with cash prizes and students will receive gift vouchers.
On the launch of the initiative, Carney stated: “I’m looking forward to hearing your questions, ideas and thoughts. Together, let’s decide the future of money.”