{"id":7287,"date":"2023-01-12T18:23:14","date_gmt":"2023-01-12T18:23:14","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=7287"},"modified":"2023-03-15T08:58:51","modified_gmt":"2023-03-15T08:58:51","slug":"time-to-derail-digital-payments","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2023\/01\/12\/time-to-derail-digital-payments\/","title":{"rendered":"Time to derail digital payments"},"content":{"rendered":"

Since the coronavirus pandemic, many of us have switched from paying by cash to paying almost exclusively by card or digital wallet.<\/p>\n

My guest on the latest New Money Review<\/em> podcast<\/a> is someone who argues that, contrary to the mainstream narrative, the boom in digital payments hasn\u2019t benefited either businesses or consumers.<\/p>\n

Management consultant Bob Lyddon says that UK payments have become the domain of a technocratic elite, which is working in tandem with big tech firms and the major payment card brands.<\/p>\n

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Bob Lyddon<\/em><\/p>\n

According to Lyddon , digital payments have enabled a new kind of fraud, taken a larger cut of businesses\u2019 revenue, raised prices and made the use of cash increasingly difficult.<\/p>\n

If the UK goes down the road of introducing a central bank digital currency (CBDC)\u2014as most people expect\u2014consumers could suffer further, says Lyddon, while the Bank of England and tech company insiders will become even more powerful.<\/p>\n

It\u2019s time to derail the digital payments boom, says Lyddon. Consumers can fight back by paying in cash and dealing only with local businesses.<\/p>\n

Listen to the podcast<\/a> to hear more on:<\/p>\n