The Payments Choice Alliance, a group representing small businesses and consumers, has raised concerns over the UK’s move towards cashless transactions. The alliance argues that a cashless society would exclude those who rely on cash, such as the elderly, low-income households, and those without access to digital payment methods.
The UK has seen a significant shift towards cashless payments in recent years, with contactless payments becoming increasingly popular. In 2019, cash accounted for just 23% of all payments, down from 60% in 2008. The COVID-19 pandemic has accelerated this trend, with many businesses encouraging customers to use contactless payments to reduce the risk of transmission.
However, the Payments Choice Alliance argues that a cashless society would have negative consequences for those who rely on cash. For example, the elderly may struggle to adapt to digital payment methods, while low-income households may not have access to bank accounts or digital payment services. The alliance also argues that a cashless society would make it easier for businesses to track and monitor consumer spending, raising concerns about privacy and surveillance.
The alliance is calling for a more balanced approach to payments, with cash remaining a viable option alongside digital payment methods. They argue that this would ensure that everyone has access to payment options that suit their needs and preferences.
The UK government has acknowledged the concerns raised by the Payments Choice Alliance and has committed to ensuring that cash remains accessible to those who need it. In March 2021, the government launched a consultation on proposals to protect access to cash, including measures to ensure that cash remains widely available and that consumers are not penalized for using cash.
In conclusion, while the move towards cashless transactions has many benefits, it is important to ensure that everyone has access to payment options that suit their needs. The Payments Choice Alliance’s concerns highlight the need for a balanced approach to payments, with cash remaining a viable option alongside digital payment methods. The UK government’s commitment to protecting access to cash is a positive step towards achieving this balance.
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