As debit card and digital payments begin to outstrip notes and coins an independent body has been tasked with examining the effects on consumers and society as a whole.

Dubbed the ‘Access To Cash Review’, the initiative will be led by the former head of the Financial Ombudsman Service, Natalie Ceeney, who said that there was a need to ensure nobody gets left behind in a digital world.

“Many people in the UK have already made a shift to paying for most things digitally, but at the same time, there are between two and three million people across the UK who are entirely reliant on cash.” she said.

The move has been welcomed by Harry Rose, Money Editor at Which? who gave a response to the announcement, stating “We’ve seen hundreds of ATMs closing across the country, with more under threat, which risks excluding the millions of people still reliant on cash in their daily lives.

“This review is much-needed and we’ll be pushing to ensure that everyone’s access to cash is properly protected.”

Living in a Cashless World

According to the banking trade body, UK Finance, 13.2 billion debit card payments were made last year, up 14% from 2016, outstripping the 13.1 billion cash payments made, as the use of notes and coins dropped by 15%. The main objectives of the Access to Cash Review is to;

• Understand consumer needs and implications for cash access requirements over the next five to fifteen years.
• Review the evidence on future trends in cash usage and ATM coverage.
• Identify and analyse options for retaining nationwide access to cash.
• Propose a way forward.

The report is being funded by LINK, the UK’s biggest network of ATM cash machines, but is remaining independent from it. Link said in a statement that anyone with an interest in cash – people, consumer groups, community representatives, small businesses and industry – will be able to contribute through workshops and a call for evidence.

Its main objective is to ensure that there remains an effective and inclusive cash access service that meets the needs of all consumers, regardless of their personal circumstances, for as long as necessary.

There have already been visible side-effects of the rise debit and digital payments on society, especially for those who rely on cash as a means of secondary income. Some waiting staff for example have seen a significant drop in tips as the usage of contactless debit cards grows in restaurants and bars.

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