UK Cash Usage Halves Within Days as Shops Close Due To Coronavirus

Cash usage in Britain has halved in the past few days, according to Link, which operates the UK’s biggest network of ATMs. From a report: The closure of shops, a shift to contactless payments, plus concerns that notes may harbour the virus has contributed to the dramatic decline. Link said the ATM system was operating at its normal standard and that it was working closely with banks and regulators to ensure cash continued to be available. “Consumers’ ATM and cash use has fallen significantly, by around 50%, over the past few days and this is likely to continue as people move to follow the prime minister’s instructions to stay at home,” it said. Some shops are refusing to accept cash during the crisis, demanding that customers pay by card only. Gareth Shaw, head of money at Which?, said: “We are concerned this will leave many vulnerable people unable to pay for the basics they need. Both the government and retailers need to find a way to ensure that the millions of people who rely on cash, and may not have a bank card, can still pay for essentials during this difficult time.”

Read more of this story at Slashdot.

Source: Slashdot