GlobalData Plc

Following the announcement (Friday 27 July) that there will be a review for cash access after a surge in digital payments, Sam Murrant, Senior Payments Analyst at GlobalData, a leading data and analytics company, offers his view on the future of cash payments:

“Cash in the UK is by no means as dead or dying as the financial services industry would like to think it is. According to GlobalData, 40% of consumer transactions were made in the UK using cash in 2017 – totaling £222bn in spending.

“Cash is still heavily relied on by those on a budget, since it is much easier to track spending and assess how much money is left using cash. The ‘cashless society’ is a very good thing for banks and the government due to the costs of storing, transporting, and securing cash, as well as the impossibility of tracking the movement of cash in the economy – but reducing access to cash will harshly affect consumers who rely on it.”

Related Intelligence

Want more Insight like this?

Our interactive subscription platform has the most comprehensive data and analysis in your industry.

Request a Demo

Related Consulting

How can we help your business?

Our consultants are skilled in every specialist market niche to deliver solutions specifically designed for your individual requirements.

Request a Callback

Media Enquiries

If you are a member of the press or media and require any further information, please get in touch, as we’re very happy to help.

Emailpr@globaldata.com
PhoneEMEA: +44 207 832 4399
PhoneAPAC: +91 40 6616 6809
Onlinecontact online

56% of #consumers are concerned about the impact of diet. Join us for more insight @incosmetics #cosmetics #trends… https://t.co/wJOJOqYIJF