Many consumers are now opting to use cash instead of cards as a means to manage their finances during the current cost-of-living crisis. According to data released on 23 May by LINK, the UK’s largest cash machine network, the amount of cash being withdrawn this month is now back to pre-pandemic levels. This aligns with the predictions made by cash handling expert Volumatic during its Future of Cash 2030 seminar last year.
However, despite this trend, some businesses still insist on pushing for a “cashless” environment, believing it to be the direction in which the UK is heading. Volumatic, on the other hand, aims to educate these businesses about the potential drawbacks of discouraging cash usage. They argue that actively deterring customers from using cash is short-sighted and can ultimately harm their business.
James Harris, the managing director of Volumatic, states, “While Volumatic embraces digital payments, industry research consistently demonstrates that the UK will not be transitioning to a cashless society anytime soon. Therefore, all businesses should be actively encouraging cash payments rather than displaying reluctance towards them.”
Harris further emphasizes, “Excluding segments of society that rely on cash or simply prefer using it makes no commercial sense. Cash, contrary to popular belief, remains a smart, resilient, and reliable form of payment. Businesses that ignore this fact are risking their future, as more and more customers return to using cash and demand the option to choose how they pay for their goods.”
To assist businesses in understanding the advantages of cash, Volumatic has compiled a list of the five key benefits, which can be found here.