The UK government’s decision to maintain access to cash is only a temporary solution that will need to be replaced with a better strategy to help cash-reliant people adopt cashless transactions, writes Chris Dinga.
The UK government is empowering the Financial Conduct Authority (FCA) with the responsibility to ensure that cash can still be accessed in the future while the UK transitions to a cashless economy. Although it is inevitable that cash usage will continue to decline, the FCA estimates that at least 5.4 million UK adults directly depend on access to cash. Rather than simply ensuring continued access to cash, the government should also focus on solutions that help these individuals adopt payment cards or mobile wallets.
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The UK government is empowering the Financial Conduct Authority (FCA) with the responsibility to ensure that cash can still be accessed in the future while the UK transitions to a cashless economy. Although it is inevitable that cash usage will continue to decline, the FCA estimates that at least 5.4 million UK adults directly depend on access to cash. Rather than simply ensuring continued access to cash, the government should also focus on solutions that help these individuals adopt payment cards or mobile wallets.
Read more