• Sunday, July 03, 2022


Cash remains as most favoured payment option for British retailers: Survey   

(Photo: Matt Cardy/Getty Images).

By: Radhakrishna N S

OVER half of people (57 per cent) have struggled to find a bank or ATM when taking a staycation in the UK, with almost one in five (18 per cent) saying this had been the case in the last 6 months, new research reveals.

It seems cash remains king for many retailers with more than half of people (53 per cent) stating they had visited a retailer in the UK which only accepted cash payments in the last year, according to the Post Office research.

Lack of access to cash had led to over a quarter (27 per cent) on staycations being unable to buy small gifts or souvenirs from cash-only retailers such as markets or traders and a further quarter (26 per cent) had been unable to treat themselves or their families at their chosen eateries.

More than two in five (21 per cent) also said they had problems with travel plans- missed buses, trains and not being able to pay for car park tickets because of lack of easy access to cash.

Cash remains an important part of everyday life around the country, with 95 per cent reliant upon it to pay in everyday situations, the study found.

On average, over £1.3 billion is held in the nation’s wallets on a daily basis.

The majority of the population mixes their usage of the card, cash, and other forms of payments.

Access to cash remains important within local economies, with cash still being one of the most commonly (59 per cent) accepted methods of payment amongst micro traders.

Eastern Eye

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