Cash handlers Volumatic is backing a new white paper issued by financial services consultants, Enryo Consulting, which reinforces the vital role that cash continues to play in the UK.
The white paper, Cash As A Payments Infrastructure, argues that despite many forecasts of a cashless future, “cash continues to play an important role in the day-to-day functioning of economies around the world.”
It also highlights how cash supports economic activity, financial inclusion and acts as a crucial back-up payment method in times of crisis - underscored by last year’s global IT outage.
Far from disappearing, cash is showing signs of resurgence, it adds. Research from the Nationwide Building Society earlier this year revealed UK cash usage has risen for the third year and now accounts for billions of payments made by UK businesses annually.
Government and industry bodies are also taking cash infrastructure more seriously, with the Financial Conduct Authority and the Treasury Committee advocating improved access to cash, and the banking sector itself expanding hubs to provide more face-to-face services.
The white paper also points out that cash remains “one of society’s few levellers,” accessible to everyone and particularly vital for vulnerable individuals who rely on physical money to manage their finances.
The report makes three key recommendations to ensure continued access to cash and face-to-face banking services, including better support for those struggling with digital services, and stresses the importance of offering payment choices.
“Retaining choice is a right that everyone across the UK should have,” the report says. “It’s time to realise that cash is not a niche payment method used only by a small segment of society.”
Volumatic managing director, James Harris, welcomed Enryo’s latest paper: “Volumatic have worked with Enryo for a number of years, and we’ve supported each other in our quest to highlight the importance of cash and its place in the UK’s payment infrastructure.
“This new white paper highlights what we’ve all known for some time now - that cash is resurgent and far from disappearing. It’s becoming increasingly important as the years roll by. This white paper serves as an important reminder to businesses of the relevance of cash in 2025 and is essential reading.”
You can read the new white paper here.
No comments yet