Are we sleepwalking into a cashless society that no one asked for?

One in seven respondents to a recent LINK (the UK’s cash access and ATM network) survey stated that they only accept card or phone payments, even though the same findings showed that half of in-store purchases are still being made in cash.

With no legal requirement for shops to accept banknotes, Britain could appear to be drifting toward a cashless society that consumers never explicitly chose.

For businesses, the move away from cash is understandable. Private digital payment systems represent an attractive and scalable business model, supported by strong commercial incentives and well-organised lobbying.

Digital payments align with broader trends toward speed, convenience and operational efficiency, reducing some of the costs and complexities associated with handling physical cash. As consumer habits evolve, many retailers see digital-only acceptance as a rational decision.

Yet consumer behaviour tells a more nuanced story. Average withdrawal values are increasing, underlining the continued and deliberate use of cash.

For many, physical money provides a tangible sense of control over budgeting and spending that digital alternatives do not fully replicate.

Cash offers unique and irreplaceable value. It is universally accessible, easy to use, and resilient. It functions without reliance on technology, connectivity, or digital literacy. Crucially, as a form of public money issued and backed by the central bank, it serves everyone - especially the elderly and vulnerable - ensuring financial inclusion, autonomy, and trust in the monetary system.

This is not a zero-sum competition between cash and digital payments. A well-functioning modern economy requires both. Private payment systems will continue to innovate and expand.

However, they operate within a commercial framework, optimising for profitability and scale. Public money, by contrast, exists to serve the broader interests of society - stability, accessibility, and fairness.

That distinction matters. Because of the societal value cash provides, its role is not left to market forces alone. Central banks, acting in the public interest, have both the mandate and the tools to safeguard its continued existence, acceptance, and efficiency.

This includes supporting infrastructure, ensuring access, and maintaining trust in cash as a reliable means of payment.

Cash does not sustain itself passively. Behind every transaction lies a critical infrastructure - forecasting, logistics, processing capacity, and secure transportation.

This infrastructure is actively maintained and reinforced because it underpins a public good. ATM networks, distribution systems, and retail acceptance are not incidental; they are part of a deliberately supported ecosystem.

At the same time, access and acceptance remain essential. Retailers, banks, regulators, and policymakers all play a role in ensuring that cash remains usable in everyday life.

Removing cash options - whether intentionally or through gradual neglect - risks excluding those who rely on it most and weakening the resilience of the overall payment system.

Ultimately, cash is not disappearing - it is being actively protected. Its continued role in society is underwritten by the central bank’s responsibility to serve the public interest.

While private digital payment systems will continue to grow, they complement rather than replace public money.

The future of payments is therefore not a forced transition, but a managed balance. Cash will remain a core pillar of the monetary system - trusted, accessible, and efficient - because society demands it and public institutions ensure it.

Protecting the right to choose how to pay is not about resisting progress; it is about ensuring that progress remains inclusive, resilient, and anchored in the public good.

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Dr. Wolfram Seidemann is the CEO of G+D Currency Technology

LBC Opinion provides a platform for diverse opinions on current affairs and matters of public interest.

The views expressed are those of the authors and do not necessarily reflect the official LBC position.

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