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Cash: Changing UK’s payment pattern

Categories : Cash is a public good, Cash is the most widely used payment instrument
March 18, 2019
Tags : Cash, Payment instruments, United Kingdom
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.
Communication Team / Equipo de Comunicación

This post is also available in: Spanish

The UK Access to Cash 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 method 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:

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.

This post is also available in: Spanish