UK top for cashless payments
Author: Dawn Southgate
The UK ranks highest of any European country for revenue from cashless payments, according to the Access to Cash Review from Merchant Machine. By contrast, the number of transactions using cash has fallen to three in ten, down from six in ten a decade ago. The review claims that the British cash system is “on the verge of collapse” and estimates that 8m adults would struggle with a digital-only system. Mike Cherry of the Federation of Small Businesses voices the risks posed by a digital-only banking and payments system. Ultimately, the challenge for business will be to keep up with changes while not leaving older customers behind. The Daily Telegraph provides an infographic mapping where Britain’s ATMs are under threat and compares Britain’s cashless payments with those of other countries. The Guardian ranks the top uses for cash.
The Daily Telegraph (Business), 7 March 2019, p5; The Guardian, 7 March 2019, p38
[First appeared in Cutting Edge, 13 March 2019]