Cashless revolution ‘exaggerated’ as Britons still rely on notes and coins

The average purse or wallet contains £26 in notes and coins, the Post Office has found, despite claims of a cashless revolution.

More than 95per cent of people still carry cash and fewer than 10per cent are ready to make the move to a cashless society based solely on digital payments and online banking, researchers discovered.

The report undermines claims from the UK credit card and banking industry that the days of notes and coins are numbered.

The Post Office, which has not previously tracked the value of Britain’s wallets, found that cash is still popular in paying for car parking, food shopping, for handing out as pocket money and spending on nights out.

Martin Kearsley, director of banking services at the Post Office, said: “People of all ages, and in communities across the UK, continue to rely upon the flexibility cash offers alongside other forms of payment.”

Ron Delnevo, the executive director of the ATM Industry Association, told The Daily Telegraph that the “so-called cashless revolution was being massively exaggerated” as a result of a lobbying operations by banks seeking to cuts costs by closing cash machines.