More and more physical bank Branches are closing on our high streets with the excuse being that we as a society arent using them. Lots of us can move money digitally using online banking or apps on our computers or phones. In addition, since the pandemic more and more people arent using cash at all. Digital advancements with technology such as Apple Pay and Android / Google Pay making it easy to make payments without the need for physical cash being on hand. Technology providers have also made it easier for local shops to take card and digital payments.
So will cash die out?
It is unlikely that cash will completely die out in the near future. While there has been a trend towards digital and cashless transactions in recent years, there are still many people and businesses that prefer to use cash.
There are several reasons why cash is still widely used:
- Accessibility: Not everyone has access to digital payment methods, such as credit cards or bank accounts. Cash provides a simple and accessible form of payment for people who do not have access to digital payment methods.
- Preference: Some people simply prefer to use cash, as it provides them with a sense of control over their finances and a tangible representation of their money.
- Trust: Cash has been around for thousands of years, and some people still trust it more than digital payment methods.
- Backup: Cash is a reliable backup option in case of power outages or other technical issues that may prevent digital payment methods from functioning.
However, it is likely that the use of cash will continue to decline as technology advances and digital payment methods become more widely accepted and accessible. In some countries, the government is even considering phasing out cash completely in the future.
Ultimately, the future of cash will depend on various factors, such as technological advances, economic conditions, and societal preferences. While it is difficult to predict the exact role that cash will play in the future, it is clear that it will continue to play a role in our financial system for the foreseeable future.
How many people dont have access to digital payments in the UK?
According to recent estimates, around 2 million people in the UK do not have access to a bank account or digital payment methods. This group is primarily made up of elderly people, people with low income or disabilities, and people who live in rural areas with limited access to financial services.
While the number of people without access to digital payment methods is declining, it is still an issue that affects a significant portion of the population. This is why cash is still widely used in the UK, and why it is unlikely to completely die out in the near future.