The Treasury Committee has called for mandatory cash acceptance across the UK.
The Committee’s ’Acceptance of Cash’ report has advised MPs to ”seriously consider” legislating for mandatory cash acceptance in all shops and services and urged the government to improve its oversight of the country’s ‘access to cash’ infrastructure.
It comes amid growing concern that card-only businesses are excluding the elderly, vulnerable and those without access to digital banking, warned cash handling company Volumatic.
It has urged retailers to recognise the risks associated with a card-only approach, highlighting concerns such as rising card fees, cyber-attacks, power failures and loss of privacy.
Nations previously committed to going cashless, such as Sweden and the Netherlands, are now reversing course, citing rising cyber threats and the importance of maintaining a resilient and inclusive payment system, added Volumatic.
To ensure cash remains accessible for all, the Financial Conduct Authority (FCA) has pledged to roll out over 350 banking hubs nationwide.
“While digital payments are undoubtedly convenient, cash remains one of the most resilient payment methods we have, and its importance should not be underestimated. Cash ensures privacy and inclusion, and it costs a fraction of the amount to process, especially for smaller businesses,” said James Harris, managing director at Volumatic.
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