Cash in a digital age: Five facts

Issue 567: 27 January 2024

Source: LINK

For over 17 years LINK’s Consumer Council has brought the voice of consumers into LINK’s decision making.

As millions of people continue to rely on cash, the Council has scrutinised LINK’s work to protect the footprint of free ATMs, supported its efforts to ensure free access to cash in deprived areas, and backed new pilots which are supporting people to access basic online services as the country goes increasingly digital.

Its 2023 Annual Report, available here, summarises the work the Council has done to support access to cash over the last year.

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Cash in a digital age: Five facts

Here’s five cash facts from the report.

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#1: Financial inclusion in numbers

Source: LINK

In the UK there are 3,440 protected ATM’s and 2,351 deprived areas have a good access to cash.

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#2: Cash as a percentage of all payments

Source: LINK

Cash was used in 62% of payments in 2006, this had reduced to 15% in 2021 and is predicted to fall to just 6% by 2031.

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#3: Free access to cash