26 March 2020

Cash use in Britain dropped by half

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.

 

Up Next ...
23 July 2021

Ask a FinTech: Has FinTech paved the way for millennials to turn saving into investing?

Personal finance apps are making savings easier, and have brought ...

23 July 2021

ANZ spins off venture and incubator business 

ANZ has decided to make its venture and incubation business ...

23 July 2021

Visa is snapping up Currencycloud

Payments giant Visa has agreed to buy global foreign exchange ...

23 July 2021

Spendesk raises €100mn

Spendesk, a French money management platform, has raised €100mn Series ...

More in Payments

Spendesk raises €100mn

23 July 2021

Spendesk, a French money management platform, has raised €100mn Series ...

Posted By The Community

Synchronised lending helps merchants fund improvements and keep the cash flowing…

22 July 2021

As the high street once again opens up to customers without restrictions, retailers’ thoughts will s...

Written By: Card Industry Professionals

Soldo raises $180mn 

21 July 2021

Irish based expense management FinTech business Soldo has raised $180mn ...

Afterpay launches Money app 

21 July 2021

Buy now, pay later business Afterpay is launching a money ...

Articles Payments

Mobile and digital payments continue upswing

20 July 2021

The way people pay continues to evolve. Still, many people aren't aware of the paymen...

Articles Payments

Central bank digital currencies for cross-border payments

13 July 2021

The G20 has made enhancing cross-border payments a priority and endorsed a comprehensive programme t...

Articles Payments

Payee scams are on the rise

13 May 2021

Payment industry report calls for collaboration to combat the problem, with customer education, tech...

Articles Payments

The Payments Revolution - Fintech Unwrapped

05 May 2021

Looking at the trends and startups powering change in the consumer payments sector.The payments spac...

There are no Events in this category