UK Shops Go Cashless: Impact on Vulnerable

0:00On March 6th, more high street shops in the UK are ditching cash for card or phone payments only. A survey by the ATM network, Link found that 14% of small businesses made this switch in the last year. Even so, 77% still take cash, while about half of all in-store buys happen that way. Shop owners cite security worries like theft and shoplifting as a top reason, along with low customer demand for cash and the hassle of handling it. Bank branch closures may cost even higher for those sticking with notes and coins. Younger shoppers in their 20s and 30s mostly tap their phones, but older folks prefer cash to budget tightly, especially on fixed incomes. This split raises fears of excluding vulnerable people who rely on cash. Last year, members of Parliament on the Treasury Committee warned about a possible two-tier system where cash only spots charge more and create a. Poverty premium, they urge the government to step in if needed to keep cash as an option.

1:03Experts at Link stressed monitoring cash use closely and boosting digital help while protecting deposit access for businesses. Balancing these choices will keep high streets open to everyone.