With retailers and eateries increasingly refusing to accept coins and banknotes in the fight against coronavirus, has 2020 finally sounded the death knell for cash?
The pandemic is just the latest event to have contributed to the decline of cash in recent years. The introduction of online banking, ATM closures and the rise of contactless payment have all played their part.
However, statistics show that lockdown has certainly accelerated this trend. The contactless limit was recently increased to £45, with Mastercard reporting that 66% of UK transactions are now contactless.
While the increase of technology in our everyday transactions has been welcomed by some, the reality is that many people still rely on cash, with Age UK suggesting that it’s still a necessity for 25 million of us.
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