The Payment Systems Regulator (PSR), the subsidiary of Britain’s Financial Conduct Authority, has revealed physical money still pays a roll in the UK.
Having surveyed 1,590 consumers and 542 small businesses plus speaking with focus groups, the researchers found that 83 per cent of people had paid for something in the last week using physical money. That being said, 69 per cent preferred to use cards and 28 per cent preferred cash. Of the consumers polled, 95 per cent found it easy to withdraw or access cash.
Looking at small businesses, PSR found that most of them deposit cash in the bank. Just over half of little companies, or 54 per cent, accepted cash. That figure jumped to 91 per cent in accommodation and food services. Still, only 13 per cent preferred cash to other payments.
Commenting on the research, Chris Hemsley, co-managing director of the PSR, said, “Cash continues to play an important role in our economy, and while the use of digital payments is growing, most of us still make regular use of cash. This research reveals many important things about how people and small businesses use and access cash, including that most people currently find it easy to withdraw or access cash. But it also highlights the importance placed on being able to access cash by those who rely on it to help them budget and who do not have access to other payment options.”
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