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last mo.

Over Half of UK Shoppers Faced Cash Refusal as Bank Pledges Ongoing Monitoring

Persistent refusal of cash at shops is prompting regulators to maintain closer oversight of payment networks to protect vulnerable consumers.

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Overview

  • A YouGov/Link survey shows 52% of UK adults encountered businesses that refused or discouraged cash payments in the past two months.
  • More than three-quarters of respondents say having the option to pay with cash is important and 82% believe all retailers should accept it.
  • The Bank of England will continue to include cash-acceptance questions in its consumer surveys to track declining use.
  • The Treasury Committee is pressing for regulatory safeguards to prevent a two-tier payment system that could marginalise at-risk groups.
  • Post Office data reveal 6.97 million personal cash withdrawals in June, a rise of 8.7% year-on-year, underscoring cash’s ongoing role.