With the use of cash declining and digital payments increasing, a new independent review has been set up to look at the impact on consumers over the next 5 to 15 years and examine future needs.
The review will be chaired by Natalie Ceeney, former hard of the Financial Ombudsman Service, stating that there was a need to make sure no-one was left behind.
“The rise of contactless and digital payments has changed the relationship between cash and consumers,” Ceeney said to the BBC.
“Many people in the UK have already made a shift to paying for most things digitally, but at the same time, there are between two and three million people across the UK who are entirely reliant on cash.”
The review will be funded by Link, Britain’s largest network or cash machines, but is independent from it. Link will spend the following six months gathering information.
The cash machine network said consumer groups, community representatives, small businesses, the industry and general public will all be able to contribute their views.
In June, it was revealed that debit card payments had overtaken cash use for the first time, with contactless technology paving the way and grasping a firm hold on day-to-day spending.
In 2017, a total of 13.2 billion debit card payments were made, a 14% increase compared to 2016, according to data from UK Finance. However, the use of cash and coin dropped by 15%, with 13.1 billion cash payments made.
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