The management of debt could be undermined in the UK with the impending move towards a cashless society.
As Visa Europe and MasterCard initially launch a contactless payment system in central London, shopping and spending will be encouraged via the quick and easy payment method. All customers have to do is wave their plastic over a paypoint and the transaction will be complete.
While customers are given more convenient ways to purchase, the fear is that it will become too easy to rack up debt and get into difficulties.