Cash: Changing UK’s payment pattern

The UK has been recording an astonishing rise in digital and contactless payments to the point where experts believed it would destabilize the payments landscape. Yet, findings from the final Access to Cash Review show how cash is changing the digital pattern as eight in 10 Britons still rely on it for everyday transactions.

The UK Access to CashMoney in physical form such as banknotes and coins. More Review published its final report earlier this month where CashEssentials highlighted the importance for the UK government and regulators to take action in ensuring that no one gets left behind on the war of cash. More reports on the review have surfaced since, with the latest showcasing how eight in 10 Britons rely on cash for everyday payments, as commented by The Guardian.

After experiencing an astonishing rise of digital and contactless payments, experts believed debit cards would overtake cash as the most frequently used payment methodSee Payment instrument. More in the UK. The Review, however, begs to differ with findings pointing out how many people in Britain continue to rely on cash for their daily transactions:

80% of Britons use cash to pay taxi drivers, newspaper sellers, window cleaners and gardeners
Two-thirds of people pull out a bill to settle a lunchtime sandwich, a small gift or a birthday card
97% of the UK’s population carries cash in their wallets amounting to an average of £41, while 85% keeps cash stored at home
33%, 76% and 85% use notes and coins to pay for train tickets, bus tickets and taxi fares respectively
94% give moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More to homeless people or street buskers, while 87% of parents hand cash as pocket money to their children

Perhaps one may question this contradiction that’s seemingly changing the pattern, but the simple answer is that people like to pay for small items using banknotes and coins, particularly because it provides them with a “peace of mind”.

But beyond a simple preference, it’s pretty clear that many would struggle to cope in a cashless UK society and cash is more present than its many critics would like to believe.

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