The new economic secretary to the Treasury, Emma Reynolds, has said that shops and service firms in the UK will not be forced to accept cash. This news comes despite millions of vulnerable people who still rely on using cash. Some countries like Australia, are planning rules that would force essential services to accept cash, but Ms Reynolds reportedly effectively ruled out such a move in the UK.
It’s reported that nearly 3 in 4 young people use mobile payment services. These findings, by UK Finance, went on to report that those aged 65 years or above are the least likely age group to use mobile payment services, with just 8% of that age range doing so. Last year, the BBC reported that cash remains the second most popular payment method, after debit cards, but that an estimated 3 million people continue to rely on cash. Though, it was reported by the British Retail Consortium that notes and coins were used in a fifth of shop transactions last year, with shoppers saying they found cash helped them budget better. But what do you think of this news?
