{"id":3550,"date":"2019-03-14T21:14:30","date_gmt":"2019-03-14T21:14:30","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3550"},"modified":"2019-03-14T21:15:15","modified_gmt":"2019-03-14T21:15:15","slug":"uk-cash-system-on-the-verge-of-collapse-report-finds","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/uk-cash-system-on-the-verge-of-collapse-report-finds\/","title":{"rendered":"UK cash system \u2018on the verge of collapse\u2019, report finds"},"content":{"rendered":"\n
\"\"<\/a><\/figure><\/div>\n\n\n\n

Review predicts cash could fall to just 10% of all payments in the next 15 years<\/strong><\/p>\n\n\n\n

More than 8 million UK adults would struggle to cope in a cashless society, according to a major report which claims that the country\u2019s \u201ccash infrastructure\u201d is in danger of collapsing.<\/p>\n\n\n\n

With Britons increasingly turning to digital payments, and bank branches and ATMs closing, the Access to Cash Review<\/a> said companies and organisations providing \u201cessential\u201d services should be required to ensure that consumers can continue to pay by cash.<\/p>\n\n\n\n

The review is funded by cash machine network Link, but is independent from it, and is chaired by the former head of the Financial Ombudsman Service Natalie Ceeney, with other members includingRichard Lloyd, the formerexecutive director of consumer group Which?.<\/p>\n\n\n\n

Ceeney said that \u201c17% of the UK population \u2013 over 8 million adults \u2013 would struggle to cope in a cashless society\u201d.<\/p>\n\n\n\n

Debit cards last year officially overtook notes and coins<\/a> as the most popular form of payment in the UK for the first time, and the review\u2019s report predicted that cash could fall to just 10% of all payments within the next 15 years.<\/p>\n\n\n\n

It also called on the government, regulators and banks to \u201cact now or risk leaving millions behind\u201d. A spokesman for the review claimed the UK\u2019s cash system was \u201con the verge of collapse\u201d.<\/p>\n\n\n\n

\"\"\/<\/figure><\/div>\n\n\n\n

‘People just don’t carry cash nowadays’: how Britons are adapting to cashless world<\/a><\/h2>\n\n\n\n

 Read more<\/p>\n\n\n\n

The bill for running the UK\u2019s cash infrastructure \u2013 from ATMs to cash-sorting centres \u2013 was about \u00a35bn a year, paid for predominantly by banks (and, ultimately, consumers), said the report. But while the costs were largely fixed, income was declining quickly.<\/p>\n\n\n\n

As a result, it said, \u201cwe have a cash infrastructure which is fast becoming unsustainable\u201d.<\/p>\n\n\n\n

The report added: \u201cSome of these companies may consider exiting the market as its profitability declines \u2013 leading to the risk of disorderly collapse \u2026 Without an effective wholesale cash infrastructure, ATMs won\u2019t get filled, cash deposits won\u2019t get counted, and we won\u2019t trust the value of money.\u201dAdvertisement<\/p>\n\n\n\n

\"\"<\/a><\/figure><\/div>\n\n\n\n

The report\u2019s authors said the UK was \u201cnot ready\u201d to go cashless, and that despite the runaway growth of contactless and mobile payments, a \u201csignificant number\u201d of people \u2013 about 2.2 million \u2013 were currently using cash for all their day-to-day transactions.<\/p>\n\n\n\n

Nevertheless, the volume of cash removed from ATMs is falling fast, and Which? has estimated that cash machines around the UK are closing at a rate of 300 a month<\/a>.<\/p>\n\n\n\n

The consumer group this week also highlighted the vulnerability of digital banking, revealing that British banks were being hit by IT or security failures<\/a>that prevented customers from making payments at an average rate of more than once a day.<\/p>\n\n\n\n

Nicky Morgan MP, chair of the Commons Treasury committee, welcomed the report, saying that \u201cthe simple truth is that leaving the future of cash to be determined by market forces will not work\u201d.<\/p>\n\n\n\n

Jonathan Reynolds, the shadow economic secretary to the Treasury, said Labour agreed with the conclusions of the report and was calling on the Treasury to open an urgent consultation into its recommendations.<\/p>\n\n\n\n

Source: https:\/\/www.theguardian.com\/money\/2019\/mar\/06\/uk-cash-system-on-the-verge-of-collapse-report-finds<\/p>\n\n\n\n

\"\"<\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"

Review predicts cash could fall to just 10% of all payments in the next 15 years More than 8 million UK adults would struggle to cope in a cashless society, according to a major report which claims that the country\u2019s \u201ccash infrastructure\u201d is in danger of collapsing. With Britons increasingly turning to digital payments, and …<\/p>\n","protected":false},"author":1,"featured_media":3551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15],"tags":[],"aioseo_notices":[],"yoast_head":"\nUK cash system \u2018on the verge of collapse\u2019, report finds - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/uk-cash-system-on-the-verge-of-collapse-report-finds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK cash system \u2018on the verge of collapse\u2019, report finds - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"Review predicts cash could fall to just 10% of all payments in the next 15 years More than 8 million UK adults would struggle to cope in a cashless society, according to a major report which claims that the country\u2019s \u201ccash infrastructure\u201d is in danger of collapsing. 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