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Wednesday, June 19, 2024

Cash to remain important in the UK despite movement towards digital dominance, says GlobalData

Following the news that the UK’s cash system is at risk;

Samuel Murrant, Senior Payments Analyst at GlobalData, a leading data and analytics company, offers his view:

“Cash use is rapidly declining in the UK as more consumers adopt new means of payment such as contactless cards and mobile payments, but cash remains an important component of payments at the point of sale. In 2018, 35% of consumer transactions at the point of sale were accounted for by cash, and consumers spent a total of £161bn in cash.

“The UK is increasingly moving towards digital payment dominance, but cash is expected to remain important – GlobalData forecasts that in 2022, cash will still account for just under one in every five consumer transactions at the point of sale.

Should access to cash truly collapse, most consumers will be able to adapt; the services are in place to allow digital payments in almost all areas – but there will always be gaps. Sole traders, the elderly, the very young, and the vulnerable in our society all make heavy use of cash for various reasons including budgeting, or lack of access to digital means of payment. These individuals will struggle in a cashless world.”

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