Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020
News Every Day |

The chart that shows how coronavirus is killing cash

CORONAVIRUS has turned a fair few things in our lives upside down, and now there’s one chart which shows how it could be sending cash closer to the scrap heap.

A stark plunge in people taking out cash from ATMs can be seen in data on cash machine use since the covid outbreak in March.

Cash machine withdrawals have fallen further during coronavirus

Withdrawals from cash machines fell to £4.4bn in April, 55% lower than last year, according to the figures from ATM company Link.

But after lockdown eased and despite the popularity of the Eat Out to Help Out scheme in August, the value of ATM transactions remained 26% lower in September than the same month in 2019.

The use of cash dropped as people stayed home but the pandemic has also boosted cashless transactions as they return to the shops.

Cash has been in decline for some time with credit card transactions overtaking cash in 2018 and credit cards following shortly after in 2019.

It’s estimated that just one in 10 payments will use cash by 2027, according to UK Finance.

Cashless: who's missing out?

Many people, businesses and aspects of life rely on cash.

  • The elderly and vulnerable, and those caring for them
  • The homeless
  • Domestic abuse victims
  • Those with mental heath issues
  • Charity chuggers
  • Big Issue sellers
  • Bars and restaurants with tip jars
  • Window cleaners
  • Taxi fares
  • Shopping trolleys
  • Car boot sales
  • The tooth fairy

But Covid appears to have accelerated the trend.

The limit for using a contactless card was increased from £30 to £45 in April to help stop the spread of coronavirus.

Many shops and restaurants which have reopened are not accepting cash, only cards, including high street favourite Next, furniture giant Ikea and Nandos.

Pubs like Wetherspoons are encouraging drinkers to pay with card or through the Wetherspoons app where possible, noting that some customers are using its gift cards to avoid using cash.

But going cashless risks leaving some people behind, often the most vulnerable.

One in five Brits still need access to cash, research suggests, and that’s more likely among older generations.

Those caring for elderly and vulnerable relatives also need access to cash.

The homeless miss out on donations of change by passing well-wishers and low earners and those in rural areas are also more likely to be impacted by lack of access to cash.

Domestic violence victims often need cash so their partner can’t monitor their spending and finances, or trace where they’ve used their card.

Caroline Abrahams, charity director at Age UK said: “Many older people rely on cash: it helps them budget effectively if they’re on a tight income, pay back a carer or friend who makes small purchases on their behalf, and if they’re not online or in an area with poor connectivity it’s an essential back up if other ways to pay don’t work for them.

“These are the people who need continuing access to a convenient and affordable payment method that they can trust.

“As more bank branches close and ATMS disappear from the High Street cash is harder than ever to access. 

“Making sure that older people have the coins and banknotes they need to keep spending is surely in the best interests of businesses and the economy too.”

The Royal Mint won’t make any more 2p or £2 coins for at least a decade as the need for more coins has slumped over the years and Brits ditch cash in favour of card or contactless payments.

TSB is closing 164 branches but has assured that more vulnerable customers will still have access to cash.

As of March 2020, more than 8,700 free ATMs had been axed since January 2018, while more machines than ever were charging for withdrawals.

Read also

Bosses of old people’s home spark fury with Covid-themed word search including ‘ventilators’ and ‘fear’

Zeta Weakens After Crossing Yucatan, But Expected to Strengthen Again

The best rowing machines

News, articles, comments, with a minute-by-minute update, now on — latest news 24/7. You can add your news instantly now — here