Despite the continued predicted demise of cash, "Cash is still very much alive and kicking'' - according to Victoria Cleland, the Bank of England's chief cashier, at a meeting in London in 2017 - Insights into the future of cash
The Pymnts Global Cash Index for the UK, November 2017 - United Kingdom Cash-Usage Report leaves us in no doubt. The report predicts that total use of cash is expected to increase at a compound annual growth rate (CAGR) of 1.46% per year, from 2016-2021.
Some other highlights from the Pymnts report and Victoria Cleland's speech include:
- In 2016 42.6% of retail transactions in the U.K. were paid in cash, according to the British Retail consortium
- A 2016 UK Association of Convenience Stores report noted nearly four out of five convenience store transactions were paid using Cash
- 2.7 million people in the UK rely almost entirely on cash transactions - a number that has increased by 0.5m since 2015
The full Pymnts report can be downloaded here. https://www.pymnts.com/cash/2017/united-kingdom-cash-usage/