Comment: UK’s cash system could collapse within a decade

Following the news this morning that campaigners have called for Chancellor Rishi Sunak to save banknotes and coins, saying without urgent new laws the cash system could collapse within a decade.

Udo Mueller, CEO of global payments specialists Paysafe, said: “Cash remains an important part of society and should be protected. Despite many consumers adopting alternative forms of payments, from contactless cards to mobile wallets such as Apple Pay and Google Pay, the Financial Inclusion Commission states that 1.5 million adults in the UK remain unbanked, with a further 2.2 million remaining reliant on cash for day-to-day spending.

“If consumer rights to continue paying in cash are protected by law, given the growing demand for access to digital products and services, businesses should be giving consumers a way to pay for these services with cash. By enabling eCash solutions at the online checkout, businesses can both support cash consumers and leave themselves open to a larger customer base.”