Millions to suffer from a cashless society

Written by Oliver Wade
02/01/2019

As the debit card overtook cash as the UK’s most popular payment method in 2017, ex-financial ombudsman chief ombudsman Natalie Ceenie has warned that the UK is at risk of becoming a cashless society, having a detrimental effect on millions of people.

Banknotes and coins are a necessity for 8 million people, according to the Access to Cash study, and a cashless society would be the most disadvantageous for those either in debt or living in rural areas.

Cash use has halved in the past 10 years, with notes and coins now handed over in three in every ten transactions, with the payment method expected to halve again in the next decade.

However, in some sectors, cash is still used frequently, with approximately 74 per cent of people using cash to give to charity, while in 85 per cent of cases window cleaners are paid with notes and coins.

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