I don't pay with contactless cards because I don't quite trust it, says the Bank of England's chief cashier whose signature is on every banknote
- Victoria Cleland, 47, revealed she prefers to use cash for small transactions
- The 47-year-old also says predictions of the death of cash are premature
- Ms Cleland said cash was used for 44 per cent of all transactions in 2016
The Bank of England's chief cashier has revealed she doesn't use contactless cards because she doesn't completely trust the technology.
Victoria Cleland, whose signature is on every Bank of England note, said she prefers to use cash for small transactions.
The 47-year-old also says predictions of the death of cash are premature, insisting that 'cash is definitely here to stay.'
'I personally don't really use contactless,' she told the Guardian.
Victoria Cleland, the Bank of England's chief cashier has revealed she doesn't use contactless cards because she doesn't completely trust the technology
'To be blunt, it wasn't on my card for a long time and so I've just got into the habit of preferring not to.
'And I do hear stories of friends - this is a personal anecdote, this isn't the official Bank view - whose money has been taken off contactless when you walk past something.
'And it's only up to £30. So I use cash for lower transactions anyway and for big ones contactless wouldn't work.'
Ms Cleland said cash was used for 44 per cent of all transactions in 2016, the last year for which there is data available.
Ms Cleland, whose signature is on every Bank of England note, said she prefers to use cash for small transactions
The figure is down from 50 per cent the previous year and 68 per cent ten years ago, but she says there is still a growth in the 'total demand for cash.'
But her comments come as data shows the decline of cash is set to hit a turning point this year with cards overtaking notes and coins as the country's favoured payment method.
Britain will quickly blow past the point of 'peak cash' when card usage overtakes cash as the most popular way to pay.
It follows a massive rise in contactless payments following the introduction of bank cards that allow it for transactions of £30 or under.
It is estimated that only a fifth of sales will involve cash by 2026, according to the Guardian.
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