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The use of cash in shops increased for the second year in a row, with shoppers finding it helped them budget better, according to a report from the British Retail Consortium (BRC). In 2017, cash accounted for 20% of transactions, while the amount spent per purchase dipped slightly to £22.03 from £22.43 in 2016. The BRC findings were released after representatives from charitable groups told MPs that many excluded groups, such as older people, victims of domestic abuse and those with mental health issues, are unable to make purchases without cash.
According to Wayne Crocker of Mencap Cymru, people who risk exclusion from cash-free venues can often find alternatives for items such as food. However, relying on cash-free public facilities is more problematic, with one concern being that some vulnerable people will be unable to visit them. Ron Delnevo of the Payment Choice Alliance claimed that many services, including catering on public transport, parking and leisure centres, were ceasing to accept cash.
Meanwhile, UK Finance banking trade body figures also indicated that the number of individuals using predominantly cash for spending has reached a four-year high, although 72% of 18-24 year olds have embraced contactless payments. The BRC would like regulators to clamp down on fees charged by card firms and small businesses want branches to remain open, or for proper deposit facilities to be provided to allow cash to be deposited.
The Financial Conduct Authority has announced measures to ensure banks and building societies offer access to cash, regardless of any branch closures, through initiatives including banking hubs, Post Office services and ATMs
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