End of UK coins and banknotes? New measures mean Britain could be cashless in two years
MILLIONS of Britons are adjusting to shopping without cash as stores carefully reopen for business amid the nationwide lockdown, accepting only cards and contactless.
May 6, 2020
A total of 500 people took part in the survey conducted by the small business banking app.
Other research has shown less and less Britons are drawing out cash from ATMs.
In April, just a month into the nationwide lockdown, withdrawals dropped by 60 percent compared to the same month in 2019.
The research was conducted by ATM operator Link.
Its chief executive John Howells said the use of cash to pay for goods and services was on the decline in recent years.
And he said the COVID-19 crisis is only “speeding up” shoppers’ move away from coins and notes.
Mr Howells said the fall in the use of cash which was expected to happen over five years is not forecast to occur within five months.
He warned if Britons continued with their current shopping habits, cash would be wiped out within a couple of years.
“If we do nothing, we could be in a virtually cashless society in two years' time,” he said.
If his predictions come true it will mean older shoppers may encounter difficulty.
Many elderly Britons deal solely in cash and have never owned a credit card or bank card.
Link’s research shows three-quarters of people are using less cash.
And more than half (54 percent) said they were trying to avoid using coins and bills.
Many fear that coronavirus may be transmitted via cash.
But the Bank of England and the World Health Organisation (WHO) have said the risk is no greater than with other items.
more:
https://www.express.co.uk/news/uk/1278656/coronavirus-uk-cash-payments-stopped-cashless-society-two-years-atm-withdrawals
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