When Covid forced the high street to go digital and turned handling physical money into a health risk, some businesses decided to stop accepting cash altogether.
As a result, cash use fell by 35% in 2020 alone, the steepest drop in a years-long downward trajectory.
Just 12% of all payments were made using cash in 2023, a figure that sat at 51% a decade earlier – and nowadays, ‘card only’ signs are a common sight.
But while many prefer the ease of contactless shopping, the Treasury Committee has warned that this trend could lead to a ‘two-tier society’ where vulnerable people are left behind.
According to its latest report, elderly people, disabled people, domestic abuse victims and those on low incomes are at risk of being excluded if the country transitions to a cashless economy.
Reduced consumer choice and ability to budget were also listed as potential impacts, with LINK research showing that half of respondents had been somewhere that did not accept or discouraged cash payments over the previous eight weeks.
While it stopped short of recommending a change in the law, it said ‘there may come a time in the future’ where cash acceptance is mandated, ‘if appropriate safeguards have not been implemented for those who need physical cash.’
Committee chair, Dame Meg Hillier, commented: ‘The Government is in the dark on how widely cash is being accepted and that is completely unsustainable… this needs to be a wake-up call.’
Metro readers thoughts on going cashless
On Facebook, Metro readers shared a number of concerns over the possibility of a cashless future, including Natalie Carter who commented: ‘Everyone loves cards, until there is a blackout or the banking apps go down. Then everyone cries about not being to pay bills. I say stick with cash – it can’t be manipulated the way digital can.’
‘Cash all the way, if you don’t use it you lose it,’ added Dawn Hughson, whileAlly wrote: ‘Cash is king! I always pay in cash.’
When it comes to shared the places where ‘card only’ policies irk them most, car parks were a common theme.
Sharon Woodward was among those who bemoaned trying to pay for parking with no signal and dodgy apps or card machines that time themselves out.
Lorraine Close said she’d ‘hate to be stuck to using card only at the pub’ as ‘it’s impossible to over spend if you take your limit in cash’, while according to Lorraine Stocks, the ability to pay with cash at Center Parcs would help it be ‘an inclusive place for everyone’.
Jo Sturch said she’s decided to boycott Gail’s for her coffees after forgetting they don’t take cash, but Kristen Stephanie Roobottom claims it’s most annoying at theme parks ‘when you have little ones with pennies to spend on a treat’ since ‘it doesn’t feel the same with pocket money just paying on a card.’
Cashless refreshments trolleys on planes were another common gripe, with Barbara Ibbett claiming her Barclays bank cards ‘don’t seem to work on EasyJet, leaving her without an in-flight snack.
Is it legal for retailers to refuse cash?
Although cash is considered ‘legal tender’, this only means it can’t be refused as payment for a court-ordered debt.
The Treasury explains: ‘The acceptance of physical currency in the UK is not currently specified in legislation. Businesses and organisations can therefore choose which payment methods they accept.’
If a retailer specifies card payment only and you’d prefer to use cash, unfortunately your only option at present is to take your business elsewhere.
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