Cash use in Britain dropped by half

March 26, 2020 | Payments

Written by FinTech Alliance

Cash use in Britain dropped by half

Cash usage in Britain was halved in just a few days following the Prime Minister’s lockdown instruction.

In Brief:

  • UK ATM network Link has supplied the figures.

  • They reflect a ‘dramatic’ decline in cash use.

  • People are turning to contactless to avoid the spread of Covid-19.


What does this mean?

This could have been impacted by government encouragement for cashless payments – it has announced it will raise the contactless limit to £45 – but also people are simply shopping less as non-essential stores are closed. However, the figures could point to a change for the future as people become more accustomed and confident with contactless payments.


Read more here.

 

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