Britain S Cashless Society One Step Closer As More Than 23 Million People Abandon Coins Contactless Payments

The findings, from banking body UK Finance, are likely to prompt concern that millions of people could be left behind as the shift to a cashless society accelerates. However, other figures show that cash is making a comeback as a result of the cost of living crisis, with many hard-pressed households returning to notes and coins to help them budget. UK Finance said debit cards were the most used method in 2021, accounting for 48% of all payments and reflecting the continued rise in popularity of contactless cards. The number of cash transactions fell by 1.7% last year, although it remained the second most commonly used method, accounting for 15% of payments. However, the number of people who turned their backs on cash increased in 2021. This could be because some businesses went card-only during the pandemic or stopped accepting cash for a period of time. There are also indications that some consumers have avoided using banknotes and coins for fear they may spread Covid. During 2021, 23.1 million consumers either did not use notes or coins, or only used them once a month. That was up sharply from the 13.7 million consumers the previous year who didn’t use cash. This number grew rapidly: in 2018 it was 5.4 million people. in 2016 it was 2.9 million. At the same time, 1.1 million consumers mainly used cash for everyday purchases, according to 2021 data. UK Finance said it expects the use of cash to continue to decline. It predicts that by 2031, notes and coins will account for just 6% of all payments made in the UK. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “Rather than the UK becoming a cashless society over the next decade, the UK will transition to an economy where cash is less important than it once was, but will still be valued and preferred by many,” said one representative. The agency acknowledged that some people found physical cash useful for budgeting, adding: “Given the rising cost of living, this may affect people’s use of cash in the coming months.” This month, the Post Office said its branches handled £801m of personal cash withdrawals in July, up almost 8% on June and 20% on July 2021. UK Finance reported that almost a third of all payments in the UK were made by contactless methods in 2021, a 36% increase on 2020. The report also provided an insight into the growing popularity of buy now, pay later credit. Research by UK Finance found that 12% of people used it to buy goods last year. Younger people were more likely to use the controversial form of credit than older people, although the group that used it most were those aged 35-44. Earlier this year it was announced that the Financial Conduct Authority would be given powers to ensure communities across the UK had access to cash and to fine banks that failed to comply. Responding to the findings, Natalie Ceeney, chair of the independent Access to Cash Review, said there was evidence that the use of cash had increased for the first time in several years as the cost of living crisis worsened and people returned to the safety of notes and of coins. to help them budget. He added: “It is now widely recognized that those who rely on cash tend to be older, poorer or more vulnerable, many of whom simply cannot ‘go digital’.”

title: “Britain S Cashless Society One Step Closer As More Than 23 Million People Abandon Coins Contactless Payments Klmat” ShowToc: true date: “2022-12-16” author: “Eric Sanchez”

The findings, from banking body UK Finance, are likely to prompt concern that millions of people could be left behind as the shift to a cashless society accelerates. However, other figures show that cash is making a comeback as a result of the cost of living crisis, with many hard-pressed households returning to notes and coins to help them budget. UK Finance said debit cards were the most used method in 2021, accounting for 48% of all payments and reflecting the continued rise in popularity of contactless cards. The number of cash transactions fell by 1.7% last year, although it remained the second most commonly used method, accounting for 15% of payments. However, the number of people who turned their backs on cash increased in 2021. This could be because some businesses went card-only during the pandemic or stopped accepting cash for a period of time. There are also indications that some consumers have avoided using banknotes and coins for fear they may spread Covid. During 2021, 23.1 million consumers either did not use notes or coins, or only used them once a month. That was up sharply from the 13.7 million consumers the previous year who didn’t use cash. This number grew rapidly: in 2018 it was 5.4 million people. in 2016 it was 2.9 million. At the same time, 1.1 million consumers mainly used cash for everyday purchases, according to 2021 data. UK Finance said it expects the use of cash to continue to decline. It predicts that by 2031, notes and coins will account for just 6% of all payments made in the UK. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “Rather than the UK becoming a cashless society over the next decade, the UK will transition to an economy where cash is less important than it once was, but will still be valued and preferred by many,” said one representative. The agency acknowledged that some people found physical cash useful for budgeting, adding: “Given the rising cost of living, this may affect people’s use of cash in the coming months.” This month, the Post Office said its branches handled £801m of personal cash withdrawals in July, up almost 8% on June and 20% on July 2021. UK Finance reported that almost a third of all payments in the UK were made by contactless methods in 2021, a 36% increase on 2020. The report also provided an insight into the growing popularity of buy now, pay later credit. Research by UK Finance found that 12% of people used it to buy goods last year. Younger people were more likely to use the controversial form of credit than older people, although the group that used it most were those aged 35-44. Earlier this year it was announced that the Financial Conduct Authority would be given powers to ensure communities across the UK had access to cash and to fine banks that failed to comply. Responding to the findings, Natalie Ceeney, chair of the independent Access to Cash Review, said there was evidence that the use of cash had increased for the first time in several years as the cost of living crisis worsened and people returned to the safety of notes and of coins. to help them budget. He added: “It is now widely recognized that those who rely on cash tend to be older, poorer or more vulnerable, many of whom simply cannot ‘go digital’.”

title: “Britain S Cashless Society One Step Closer As More Than 23 Million People Abandon Coins Contactless Payments Klmat” ShowToc: true date: “2022-11-21” author: “Karin Bratcher”

The findings, from banking body UK Finance, are likely to prompt concern that millions of people could be left behind as the shift to a cashless society accelerates. However, other figures show that cash is making a comeback as a result of the cost of living crisis, with many hard-pressed households returning to notes and coins to help them budget. UK Finance said debit cards were the most used method in 2021, accounting for 48% of all payments and reflecting the continued rise in popularity of contactless cards. The number of cash transactions fell by 1.7% last year, although it remained the second most commonly used method, accounting for 15% of payments. However, the number of people who turned their backs on cash increased in 2021. This could be because some businesses went card-only during the pandemic or stopped accepting cash for a period of time. There are also indications that some consumers have avoided using banknotes and coins for fear they may spread Covid. During 2021, 23.1 million consumers either did not use notes or coins, or only used them once a month. That was up sharply from the 13.7 million consumers the previous year who didn’t use cash. This number grew rapidly: in 2018 it was 5.4 million people. in 2016 it was 2.9 million. At the same time, 1.1 million consumers mainly used cash for everyday purchases, according to 2021 data. UK Finance said it expects the use of cash to continue to decline. It predicts that by 2031, notes and coins will account for just 6% of all payments made in the UK. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “Rather than the UK becoming a cashless society over the next decade, the UK will transition to an economy where cash is less important than it once was, but will still be valued and preferred by many,” said one representative. The agency acknowledged that some people found physical cash useful for budgeting, adding: “Given the rising cost of living, this may affect people’s use of cash in the coming months.” This month, the Post Office said its branches handled £801m of personal cash withdrawals in July, up almost 8% on June and 20% on July 2021. UK Finance reported that almost a third of all payments in the UK were made by contactless methods in 2021, a 36% increase on 2020. The report also provided an insight into the growing popularity of buy now, pay later credit. Research by UK Finance found that 12% of people used it to buy goods last year. Younger people were more likely to use the controversial form of credit than older people, although the group that used it most were those aged 35-44. Earlier this year it was announced that the Financial Conduct Authority would be given powers to ensure communities across the UK had access to cash and to fine banks that failed to comply. Responding to the findings, Natalie Ceeney, chair of the independent Access to Cash Review, said there was evidence that the use of cash had increased for the first time in several years as the cost of living crisis worsened and people returned to the safety of notes and of coins. to help them budget. He added: “It is now widely recognized that those who rely on cash tend to be older, poorer or more vulnerable, many of whom simply cannot ‘go digital’.”

title: “Britain S Cashless Society One Step Closer As More Than 23 Million People Abandon Coins Contactless Payments Klmat” ShowToc: true date: “2022-11-23” author: “Gloria Barrett”

The findings, from banking body UK Finance, are likely to prompt concern that millions of people could be left behind as the shift to a cashless society accelerates. However, other figures show that cash is making a comeback as a result of the cost of living crisis, with many hard-pressed households returning to notes and coins to help them budget. UK Finance said debit cards were the most used method in 2021, accounting for 48% of all payments and reflecting the continued rise in popularity of contactless cards. The number of cash transactions fell by 1.7% last year, although it remained the second most commonly used method, accounting for 15% of payments. However, the number of people who turned their backs on cash increased in 2021. This could be because some businesses went card-only during the pandemic or stopped accepting cash for a period of time. There are also indications that some consumers have avoided using banknotes and coins for fear they may spread Covid. During 2021, 23.1 million consumers either did not use notes or coins, or only used them once a month. That was up sharply from the 13.7 million consumers the previous year who didn’t use cash. This number grew rapidly: in 2018 it was 5.4 million people. in 2016 it was 2.9 million. At the same time, 1.1 million consumers mainly used cash for everyday purchases, according to 2021 data. UK Finance said it expects the use of cash to continue to decline. It predicts that by 2031, notes and coins will account for just 6% of all payments made in the UK. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “Rather than the UK becoming a cashless society over the next decade, the UK will transition to an economy where cash is less important than it once was, but will still be valued and preferred by many,” said one representative. The agency acknowledged that some people found physical cash useful for budgeting, adding: “Given the rising cost of living, this may affect people’s use of cash in the coming months.” This month, the Post Office said its branches handled £801m of personal cash withdrawals in July, up almost 8% on June and 20% on July 2021. UK Finance reported that almost a third of all payments in the UK were made by contactless methods in 2021, a 36% increase on 2020. The report also provided an insight into the growing popularity of buy now, pay later credit. Research by UK Finance found that 12% of people used it to buy goods last year. Younger people were more likely to use the controversial form of credit than older people, although the group that used it most were those aged 35-44. Earlier this year it was announced that the Financial Conduct Authority would be given powers to ensure communities across the UK had access to cash and to fine banks that failed to comply. Responding to the findings, Natalie Ceeney, chair of the independent Access to Cash Review, said there was evidence that the use of cash had increased for the first time in several years as the cost of living crisis worsened and people returned to the safety of notes and of coins. to help them budget. He added: “It is now widely recognized that those who rely on cash tend to be older, poorer or more vulnerable, many of whom simply cannot ‘go digital’.”

title: “Britain S Cashless Society One Step Closer As More Than 23 Million People Abandon Coins Contactless Payments Klmat” ShowToc: true date: “2022-11-24” author: “Adam Heaton”

The findings, from banking body UK Finance, are likely to prompt concern that millions of people could be left behind as the shift to a cashless society accelerates. However, other figures show that cash is making a comeback as a result of the cost of living crisis, with many hard-pressed households returning to notes and coins to help them budget. UK Finance said debit cards were the most used method in 2021, accounting for 48% of all payments and reflecting the continued rise in popularity of contactless cards. The number of cash transactions fell by 1.7% last year, although it remained the second most commonly used method, accounting for 15% of payments. However, the number of people who turned their backs on cash increased in 2021. This could be because some businesses went card-only during the pandemic or stopped accepting cash for a period of time. There are also indications that some consumers have avoided using banknotes and coins for fear they may spread Covid. During 2021, 23.1 million consumers either did not use notes or coins, or only used them once a month. That was up sharply from the 13.7 million consumers the previous year who didn’t use cash. This number grew rapidly: in 2018 it was 5.4 million people. in 2016 it was 2.9 million. At the same time, 1.1 million consumers mainly used cash for everyday purchases, according to 2021 data. UK Finance said it expects the use of cash to continue to decline. It predicts that by 2031, notes and coins will account for just 6% of all payments made in the UK. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “Rather than the UK becoming a cashless society over the next decade, the UK will transition to an economy where cash is less important than it once was, but will still be valued and preferred by many,” said one representative. The agency acknowledged that some people found physical cash useful for budgeting, adding: “Given the rising cost of living, this may affect people’s use of cash in the coming months.” This month, the Post Office said its branches handled £801m of personal cash withdrawals in July, up almost 8% on June and 20% on July 2021. UK Finance reported that almost a third of all payments in the UK were made by contactless methods in 2021, a 36% increase on 2020. The report also provided an insight into the growing popularity of buy now, pay later credit. Research by UK Finance found that 12% of people used it to buy goods last year. Younger people were more likely to use the controversial form of credit than older people, although the group that used it most were those aged 35-44. Earlier this year it was announced that the Financial Conduct Authority would be given powers to ensure communities across the UK had access to cash and to fine banks that failed to comply. Responding to the findings, Natalie Ceeney, chair of the independent Access to Cash Review, said there was evidence that the use of cash had increased for the first time in several years as the cost of living crisis worsened and people returned to the safety of notes and of coins. to help them budget. He added: “It is now widely recognized that those who rely on cash tend to be older, poorer or more vulnerable, many of whom simply cannot ‘go digital’.”