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The FT digs into the effects that are being felt through the banking system. ATM transaction volumes fell as much as 62% year on year at the start of the UK lockdown and merchants are moving cashless - “I have taken no cash since I opened — and I love it,” said a fish and chip shop owner in Lancashire!
A decade ago, more than 60 per cent of payments were made using notes and coins. But debit cards overtook cash in 2017. Before the pandemic, bank lobby group UKFinance predicted cash would make up less than 10 per cent of payments by 2028 — now such estimates are being revised. The virus has fuelled trends that already had momentum. Notably the shift to online retail, as people stayed at home, and relied on internet shopping to get them through the crisis.
https://www.ft.com/content/430b8798-92e8-4b6a-946e-0cb49c24014a
