The UK risks “sleepwalking” into being a cashless digital society with so many people underprivileged as a result, a study has made a conclusion. Coins and banknotes are a necessity for eight million people, according to the Access to Cash study. The report, produced by ex-financial ombudsman Natalie Ceeney, said a cash-free society would generate problems for those in debt or living in the rustic areas.
Last year, debit cards overtook cash as the most favoured payment method. Cash use has divided in the past 10 years, with notes and coins now handed over in three in every 10 transactions to fall, we need to shield the use of cash for those as per need and at the same time work hard to ensure that everyone can participate in the digital economy system according to Ms Ceeney.
Her report was reimbursed for by cash machine network operator Link but was free from it. Burglars were after cash lying around after lock-up, but what if here there was never any cash on the site at all.
Operations director of the parent firm of the pub in London Village Inns, Mr Rozhaja estimated the volume of cash transactions and was bowled over.
He says, “Somewhere in the region of 10-13% of the total revenue would be cash and the rest was a card”.
So in October, the Crown and Anchor went completely cashless. In some sectors, cash is still used recurrently. Some 74% of people use cash to give to charity and the window cleaners get payment with notes and coins in 85% cases