On ITV Tonight Adnan Sarwar reported on a cashless society – the programme was called: ‘Has Cash Been Cancelled?”
As the UK transitions to a digital society it is inevitable that the use of physical cash will decline – a transition that has been accelerated by the COVID pandemic.
Against the backdrop of the views expressed on tonights ITV programme let me share Northey Point’s eight point cash manifesto:
1: Consumers should be able to decide for themselves how they pay.
Consumers should be able to decide for themselves how they pay. For us, it is important to have a broad mix of options and that efficient methods for payment are available
Burkhard Balz, Bundesbank, Germany.
2: The issues of ‘access to cash’ and the ‘acceptability’ of cash need to be considered in tandem.
3: To preserve cash for cash sake will ultimately only serve to leave people behind.
4: All stakeholders should focus ensuring that digital payment solutions are accessible, inclusive and equitable for all in society.
5: Given that 98% people in the UK have a debit card – we must support those who have a debit card but are reluctant or feel unable to use it and seek credible solutions for the 2% who have yet to acquire a debit card.
6: The viability and sustainability of the UK’s cash supply network needs to be addressed (perhaps through the development of a utility cash supply network).
7: Ensuring a better understanding of the end user impact and economics of the ‘pay to use’ ATM network.
8: Ensuring that branch and cash facility closure communications always include details of the Current Account Switch Service (CASS).
Tracking the UK’s ATM habits
Track the UK’s use of cash on a weekly basis with our ATM Tracker – link: ATM Cash Tracker