UK cash system may collapse by 2035
Topics: BRITAIN UK
Rishi Sunak has been urged by the Access to Cash Review to include measures to protect cash in his budget such as forcing banks to provide suitable cash access.
Card payments overtook their cash competitors in 2017. Since then, the gap has only widened, with 13% of free ATMs closing and 25% of all ATMs now charging withdrawal fees as less and less people use them.
By 2030, less than 10% of payments across the U.K. will be made by cash, and by 2035, the U.K. could become an entirely cashless society.
However, the elderly, disabled, vulnerable and those in rural areas are all more reliant on cash than the rest of society and risk being left behind.
Nearly two million Brits also do not have a bank account, locking them out of the card payment ecosystem. ■