New figures from Link have revealed that London is outpacing other regions when it comes to embracing cashless payments.
Link is responsible for a significant amount of the UK’s cash machine network, as it emphasized that in spite of the capital’s heavy population of market stalls, it is rapidly moving away from the use of cash.
There have been calls for increased regulation over cash acceptance in the UK, as a growing number of firms have sought to remove cash payments and shift to a fully digital payments ecosystem.
Following the release of the report, Link also highlighted the importance of cash availability and acceptance, with the group citing that many in society are still reliant on its usage.
Previously, a report by Transact Payments highlighted a general belief that the elderly will be left behind if Britain goes cashless.
Those findings detailed that 71% of the public holds fears that elderly friends and family will be “cut off from society” due to falling short of being tech-savvy if cash payments become redundant.
62% of all surveyed also said that they still use an ATM every month, which is significantly higher than those who never use a cash machine (38%).
Kriya Patel, CEO of TPL, stated at the time of the release: “Our research reveals how the UK is still highly reliant on more traditional methods of banking, which is at odds with an expectation that Britain will turn into a ‘cashless’ society very soon.”
Any new laws on cash availability need to coincide with regulations of cash acceptance, which ensure that businesses are forced to accept legal tender.
The growth of the cashless economy was fuelled by the Covid pandemic, with many of the consumer trends that were embraced during the pandemic being long standing as a result of the boost to efficiency.