By Stephen Bergeron, V.P. of Sales & Marketing North America
Cash use over the past 10 years has shifted around the globe. The same is true in the U.K., where cash use further declined during the COVID-19 pandemic. Still, the RSA (Royal Society for Arts, Manufactures and Commerce) warns that a sudden shift to cashless would hurt older and vulnerable segments of society.
To prevent that, the RSA is recommending legislation to protect access to cash. The RSA also recommends that banks provide education on how to use digital banking. In this innovative approach, “banking services and workshops should be provided through mobile banks, community spaces and banking hubs.”
The RSA’s Cash Census, prepared in collaboration with LINK, the country’s largest ATM network, examines cash use in the U.K., how it changed during the pandemic, and how to perform a smooth transition to an eventual digital currency system. The report reveals that while cash payments declined during the COVID-19 pandemic, legal tender remains the U.K.’s second most popular payment method.