Future Of Cash Secured As Contactless Payment Becomes More Popular

3 May 2019, 11:00

With 2.2 million adults in the UK reliant on cash for everyday transactions, the Chancellor has vowed to protect all coins and notes.

The future of cash will be protected under plans, which will ensure the British public continues to have choice over how they spend their money.

With the popularity of contactless payment methods on the rise, there has been speculation that smaller denomination coins could be on the way out.

In 2017, debit cards overtook cash as the most frequently used payment method.

Chancellor Phillip Hammond said while technology has transformed banking for millions of people, "it’s also clear that many people still rely on cash and I want the public to have choice over how they spend their money."

Although the use of cash continues to decline the report notes that the most vulnerable members of society and the elderly continue to rely on physical money.