A recent YouGov survey has revealed that a significant portion of the British public opposes the idea of the UK becoming a cashless society. The survey also highlighted strong support for cash as a valid payment method, particularly in light of the growing number of businesses refusing to accept it.
Published in mid-July, the survey found a number of key insights:
- Only 3% of the British public stated they never use cash.
- An overwhelming 69% of people in Britain are opposed to the idea of a cashless society, with only 12% in favor of it.
- A majority of 71% of the British public would support a legal requirement for businesses in the UK to accept cash.
Mike Severs, the sales and marketing director at Volumatic, commented on the survey results, stating, “The results demonstrate a genuine commitment to cash from the British public. With 97% of the UK still using cash and expressing a desire to continue using it, along with a substantial percentage supporting a new law to enforce acceptance, businesses should take notice of this demand.”
These findings align with previous industry research, such as the 2022 Cash Census from the RSA. This research similarly emphasizes the continuing importance of cash to millions of people in the UK and indicates that the country is far from ready to become completely cashless.
Furthermore, Volumatic’s own white paper research titled ‘Consumers Demand Payment Choice’ affirms that the majority of UK consumers value the option to use cash alongside other payment methods.
Severs added, “Companies should remember that the supposed benefits of going cashless ultimately do not benefit either their business or their customers. Any cost-savings gained from not processing cash are offset by the ever-growing fees imposed by card issuers.”
He also highlighted the vulnerabilities of digital payments, citing instances of power cuts and system failures that rendered digital payments impossible for extended periods. Such disruptions left businesses unable to accept payments, resulting in customer frustration and potential loss of business.
In contrast, cash remains a reliable and dependable option. Severs noted several advantages of accepting cash, such as protecting customer data, avoiding alienation of certain segments of society, assisting with budgeting during financial difficulties, lower processing fees when combined with intelligent cash handling solutions, and resilience against power cuts and cyber-attacks.
In conclusion, the benefits of cash for both businesses and consumers are evident. It is time to acknowledge and appreciate the advantages it offers. “Ignoring cash is no longer an option,” Severs emphasized.
For more information, refer to the article: “Survey suggests 15% of UK cash use is due to payment method limits“.
