Summary
A survey by the UK's main ATM network, Link, found that one in seven shops in the UK has stopped accepting cash in the past year. This change is mainly due to concerns about security, costs, and customer preferences. Despite this trend, about 77% of high street shops still accept cash payments.
Key Facts
- 14% of UK shops have become cashless in the past year.
- Shops prefer cashless transactions to avoid payment charges and security issues.
- Roughly 50% of in-store purchases in the UK are still made in cash.
- The UK's Treasury Committee has expressed concern over the lack of data on cash acceptance.
- Shops can currently choose their preferred payment methods.
- Handling cash can cost over £200 a month for some retailers.
- Younger shoppers often prefer paying by card or phone, while older shoppers prefer using cash.
- The Link report calls for maintaining cash deposit options for businesses and suggests programs for digital inclusion.
