Increasingly, businesses and individuals regard coins and notes as an unnecessary inconvenience. Moves towards a cashless society are accelerating. However, according to the Access to Cash Review, around eight million adults in the UK would struggle to cope without using cash.
Can we all go cashless?
Currently, it is possible to purchase almost everything you need using cash and to receive payment in cash.
The government notes in the Financial Inclusion Report 2019-2020 that there are still almost one million Britons without a bank account. The state of being ‘unbanked’ is viewed as problematic, yet –
The report states that 23% of UK payments in 2019 were made using cash.
The unbanked are not just those who prefer to keep their savings under the mattress. Some people in the UK are prevented from being cashless as they do not have proof of address to open an account, or their credit history is too poor.
Read more
Can we all go cashless?
Currently, it is possible to purchase almost everything you need using cash and to receive payment in cash.
The government notes in the Financial Inclusion Report 2019-2020 that there are still almost one million Britons without a bank account. The state of being ‘unbanked’ is viewed as problematic, yet –
The report states that 23% of UK payments in 2019 were made using cash.
The unbanked are not just those who prefer to keep their savings under the mattress. Some people in the UK are prevented from being cashless as they do not have proof of address to open an account, or their credit history is too poor.
Read more
Debating cashless economy in Ireland
