UK's cash system in danger of collapse, leaving millions struggling to manage finances, report warns
6 years ago

UK's cash system in danger of collapse, leaving millions struggling to manage finances, report warns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK’s cash system is “on the verge of collapse” amid thousands of bank branch and ATM closures, according to a major report. “Sleepwalking into a cashless society” would leave eight million people struggling to manage their finances, the Access to Cash Review suggests. The report said the shift away from cash towards digital payments is placing “significant strain” on the UK’s cash infrastructure, which costs £5bn a year to run. Support free-thinking journalism and attend Independent events Nicky Morgan, chair of the Treasury Select Committee, said: “The complexity of this issue cannot be overstated, but the simple truth is that leaving the future of cash to be determined by market forces will not work.” Gareth Shaw, head of money at Which?, said the consumer group has been warning of the risk of “drifting towards a society where millions of people who rely on cash face being cut off – so this review’s recognition that the system is on the brink of collapse should be an urgent wakeup call”.

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History of this topic

The Barclays IT glitch exposes a major flaw in our cashless society
1 month, 3 weeks ago

The Barclays IT glitch exposes a major flaw in our cashless society

The Independent  

You know the old adage about it being better to stash your money under the bed than in the bank? We wouldn’t recommend stuffing your life savings into a suitcase, but it might be worth keeping a couple of hundred ready to go – because even our cashless society isn’t immune to an IT glitch. And when people took to …

We are right not to give up on cash – but can we rely on our banks?
8 months ago

We are right not to give up on cash – but can we rely on our banks?

The Independent  

If any good has come from the largest tech outage in history, it is that it reminded the world just how reliant we have become on technology that can fail; that contactless isn’t a convenient way to pay during a digital blackout – and that old-fashioned cash has its advantages. Under new rules announced by the Financial Conduct Authority, banks …

Reserve Bank chief issues a chilling warning about Australia going cashless and what this will mean for Aussies
1 year, 3 months ago

Reserve Bank chief issues a chilling warning about Australia going cashless and what this will mean for Aussies

Daily Mail  

Reserve Bank Governor Michele Bullock has warned the decline of cash could see consumers struggle to find at ATM and one day be charged for the privilege of using banknotes. Reserve Bank Governor Michele Bullock has warned the decline of cash could see consumers struggle to find at ATM and one day be charged for the privilege of using banknotes …

Use of physical cash one for the up for first time in at least a decade
1 year, 3 months ago

Use of physical cash one for the up for first time in at least a decade

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Across the UK, cash accounted for 19 per cent of …

Australia's transition to a cashless society raises concerns about financial exclusion, privacy and safety
1 year, 7 months ago

Australia's transition to a cashless society raises concerns about financial exclusion, privacy and safety

ABC  

Aside from those that involve the tooth fairy, cash transactions are at an all-time low. According to RBA data, just 7 per cent of Australians are "high cash users". Disadvantaged and at-risk communities The transition away from cash disproportionately affects disadvantaged groups, such as people with disabilities and those who live in remote and regional Australia who have difficulty accessing …

Banks to be fined if they fail to provide free cash machines that actually work
1 year, 7 months ago

Banks to be fined if they fail to provide free cash machines that actually work

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The new government measures will state that free cash deposit and withdrawal points must …

Why the clock is ticking to a cashless UK
1 year, 7 months ago

Why the clock is ticking to a cashless UK

The Telegraph  

On a mild September day in 2015, a man walked into Walsall shopping centre in the West Midlands and headed straight for the local NatWest branch. Rather than raise alarm bells among NatWest staff, the branch’s employees helped the man to repack the notes into sturdier hessian sacks before the cash was taken to the bank’s safe. In 2021, the …

Australians are hoarding more banknotes but how far away is a cashless society in a digital world?
2 years, 2 months ago

Australians are hoarding more banknotes but how far away is a cashless society in a digital world?

ABC  

For many migrant communities across Australia, cash is still king. "A lot of people don't know how to use the online system or the banking system, and the fact is that they prefer to have control over their cash," she says. Tahera Nassrat says many migrants and elderly people prefer to keep cash rather than use a bank. Mr Kelly …

Cash has just five years left, warns ATM boss
2 years, 7 months ago

Cash has just five years left, warns ATM boss

The Telegraph  

The chief of the UK’s largest ATM network has warned that cash has as little as five years left, as the country’s infrastructure experiences “death by a thousand cuts”. “The cost of providing cash infrastructure, which includes the ATMs, security and bulk cash centres is huge at £5bn a year,” said John Howells, chief executive at Link. “Our cash infrastructure …

City regulator will have new powers to help protect cash access
2 years, 10 months ago

City regulator will have new powers to help protect cash access

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Millions of …

Access to cash protected and scam victims to be helped under new law
2 years, 10 months ago

Access to cash protected and scam victims to be helped under new law

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. What’s certain …

The death of cash is making us all less human! writes JENNI MURRAY
2 years, 11 months ago

The death of cash is making us all less human! writes JENNI MURRAY

Daily Mail  

When I moved to North London some ten years ago it couldn’t have been more convenient. Every week I would pop in, maybe deposit a cheque or draw out some cash, but mostly — along with a number of friendly, chatty neighbours — I’d go to have a conversation with one of the three bank tellers who knew everybody and …

It is now or never to halt the cash crisis, says Which?
2 years, 11 months ago

It is now or never to halt the cash crisis, says Which?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The consumer champion also sent a letter to the Treasury on Monday which says: …

Cash is still king: central bank calls for action to keep notes and coins
3 years, 8 months ago

Cash is still king: central bank calls for action to keep notes and coins

Dutch News  

The Dutch central bank has called on banks, the government and other agencies to ensure that cash remains readily accessible and available in the Netherlands for at least the next five years. Before alternative, digital payment schemes can be developed as a fall-back option to replace cash, notes and coins must be widely available and accessible, the central bank said. …

Cash is still king: central bank calls for action to keep notes and coins
3 years, 8 months ago

Cash is still king: central bank calls for action to keep notes and coins

Dutch News  

The Dutch central bank has called on banks, the government and other agencies to ensure that cash remains readily accessible and available in the Netherlands for at least the next five years. Before alternative, digital payment schemes can be developed as a fall-back option to replace cash, notes and coins must be widely available and accessible, the central bank said. …

Are we moving towards a cashless society in the near future?
3 years, 9 months ago

Are we moving towards a cashless society in the near future?

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

Cash ‘will be used for just 7% of in-store purchases by 2024’
3 years, 9 months ago

Cash ‘will be used for just 7% of in-store purchases by 2024’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Cash will account for just …

Banking industry says it will support customers who depend on cash long term
3 years, 10 months ago

Banking industry says it will support customers who depend on cash long term

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

Is it finally time to say goodbye to cash?
4 years, 1 month ago

Is it finally time to say goodbye to cash?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In last year’s Budget, just weeks before the first …

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline
4 years, 5 months ago

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline

The Telegraph  

Cash usage has nearly halved in three years, ATM data has shown, amid fears coronavirus has accelerated the “permanent” decline in notes and coins. Millions of people still rely on cash for their day-to-day spending, experts said while a charity warned the UK is “hurtling towards a cashless society”. Gareth Shaw, from consumer group Which?, said: “While digital payments have …

Nearly 60,000 people cut off from cash at height of lockdown
4 years, 6 months ago

Nearly 60,000 people cut off from cash at height of lockdown

The Telegraph  

Nearly 60,000 people lost access to cash within three miles of their home during the first lockdown, analysis published by the Financial Conduct Authority has found. It said that, although the number of people who lost access to cash within three miles of their home remained below 0.1 per cent of the population throughout lockdown, the “absolute numbers were substantial”. …

The pandemic has killed cash
4 years, 6 months ago

The pandemic has killed cash

Wired  

Getty Images / WIRED The pandemic has been quietly accelerating the steady slog towards a cashless Britain. ATM withdrawals dropped 60 per cent when lockdown began in March, according to Link, the UK’s largest ATM provider. Constituency data obtained from the GMB trade union shows that cash machines are vanishing at a breakneck rate, with an 8.9 per cent drop …

One in eight banks and cash points shut down during coronavirus
4 years, 8 months ago

One in eight banks and cash points shut down during coronavirus

The Telegraph  

One in eight banks and cash points have shut down during coronavirus due to staff shortages, social distancing and falling demand for cash. “In the places affected lack of access to cash must not become permanent because otherwise we will be creating ever more 'cash deserts' and effectively disenfranchising many older people from a financial point of view. “Before the …

Coronavirus could kill cash in 'months not years', expert warns
4 years, 11 months ago

Coronavirus could kill cash in 'months not years', expert warns

The Telegraph  

There are now “months not years” to rescue the UK’s creaking cash infrastructure, the chief of an influential review has warned, after new research revealed coronavirus could change spending habits for good. As many as three in 10 people could stop using cash as a payment method following a massive decline in withdrawals during the pandemic, experts said, prompting fears …

Woman insists she wouldn't have escaped abusive relationship without using cash
5 years, 5 months ago

Woman insists she wouldn't have escaped abusive relationship without using cash

Daily Mail  

A woman who escaped her abusive relationship by gradually hiding money has revealed her fears that other victims will remain trap because they can't access free-to-use cash machines. She feared her partner would notice if she started spending money on larger or unusual purchases, and so had to become 'inventive' with her finances by withdrawing small amounts of cash over …

The true cost of going cashless
5 years, 6 months ago

The true cost of going cashless

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. this week …

British banks are propped up by the public purse, so they should be made to serve the public interest
5 years, 10 months ago

British banks are propped up by the public purse, so they should be made to serve the public interest

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The new settlement with Britain’s banks must also recognise …

Free cashpoints vanishing from high streets at 'alarming rate', consumer group warns
5 years, 10 months ago

Free cashpoints vanishing from high streets at 'alarming rate', consumer group warns

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. NoteMachine said it was considering converting some 4,000 of its 7,000 cashpoints to charge …

Is this the death of cash? 现金消亡的时代是否会到来
5 years, 11 months ago

Is this the death of cash? 现金消亡的时代是否会到来

China Daily  

Is this the death of cash? Since their first use, debit card payments have given cash a run for its money. 词汇表 cash is king 现金为王，现金至上 coin 铸造（货币） cash 现金 banknote 钞票 in circulation （货币）在流通 transaction 交易 wad of notes 一沓钞票 shrapnel 零钱 currency 货币 ready money 现款、现金 give something a run for its money 给…带来竞争 contactless payment 非接触式支付 stump …

Britain's cash system 'is on the brink of collapse'
6 years ago

Britain's cash system 'is on the brink of collapse'

Daily Mail  

Britain's cash system is on the verge of collapse, a report reveals today. The country’s entire ‘cash infrastructure’ – the system for handling and banking money – is increasingly at risk of ‘falling apart’, the review claims. In its final report, published today, the panel of consumer and industry experts has proposed a range of solutions, from forcing banks to …

Why I won’t celebrate the idea of a cashless society
6 years, 7 months ago

Why I won’t celebrate the idea of a cashless society

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank …

Cashless society looms as debit cards jump into lead
6 years, 9 months ago

Cashless society looms as debit cards jump into lead

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The cash free society is …

Will a cashless society lead to chaos?
6 years, 9 months ago

Will a cashless society lead to chaos?

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Lucie Greene, …

Cash is falling out of fashion — will it disappear forever?
7 years, 9 months ago

Cash is falling out of fashion — will it disappear forever?

Salon  

On June 27, the ATM turns 50. Former U.S. Federal Reserve Chairman Paul Volcker once described it as the “only useful innovation in banking.” But today, the cash that ATMs dispense may be on the endangered list. People who don’t use a bank spend about five minutes longer getting to the place where they can get cash, and unemployed people …

Surviving the Cashcalypse
8 years, 3 months ago

Surviving the Cashcalypse

Deccan Chronicle  

In an earlier era, when personal computers were just making their appearance, a much-bandied mantra was the Paperless Office. Government and corporate offices made token gestures — like allowing staff to apply for leave with an e-mail — and extrapolated this to paint a future where paper records would all but disappear. Yes we can muddle through and survive, and …

‘Less-Cash’ Society Will Bring Financial Inclusion of the Masses
8 years, 3 months ago

‘Less-Cash’ Society Will Bring Financial Inclusion of the Masses

The Quint  

Then there are aspects related to privacy that raise questions about governments and individual freedom in societies that are aiming to go cashless. The Utopian conception of a "cashless society" is still an idea whose time is yet to come. Pime Minister Narendra Modi is right when he says that the move is towards a more 'less-cash' society rather than …

In rush to go digital, don't junk cash yet
8 years, 4 months ago

In rush to go digital, don't junk cash yet

Deccan Chronicle  

Going cashless is a good idea. A 2015 World Bank survey established that increasing the number of banked people in the economy is the most relevant intervention till one reaches the level of around 800 accounts per 1,000 adults. The average use is just 12 times per debit card every year at an ATM and barely two transactions per year …

If Sweden becomes the world’s first cashless society, could the UK be next?
8 years, 4 months ago

If Sweden becomes the world’s first cashless society, could the UK be next?

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The declining use of cash in Sweden means that this is more of a burning issue for …

The countries where cash is on the verge of extinction
8 years, 6 months ago

The countries where cash is on the verge of extinction

BBC  

The countries where cash is on the verge of extinction Paula Bronstein/Getty Images Bundles of old bills are destroyed in a furnace in Kabul, Afghanistan Is going cash-free really ‘cleaner’ or ‘safer’? “I can’t remember the last time we received a cash payment,” says Marielle Groentjes, an administrator with the company that manages my apartment, Hoen Property Management BV, and …

The death of cash could give governments more control, experts fear
9 years ago

The death of cash could give governments more control, experts fear

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But money experts fear that the complete disappearance of …

What would the world look like if the banks crashed tomorrow?
9 years, 1 month ago

What would the world look like if the banks crashed tomorrow?

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The big four banks occupy 75 …

Firms continue to hoard cash despite UK recovery
11 years, 6 months ago

Firms continue to hoard cash despite UK recovery

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The combined cash pile of all FTSE 100 companies, …

Cash machines to start dispensing £5 notes
14 years, 9 months ago

Cash machines to start dispensing £5 notes

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy From today cash machines across the country will start dispensing …

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