...and they want cashless society, say consumers

RESEARCH conducted by cash machine operator Cardtronics indicates that 70 per cent of people believe high street banks are intent on turning the UK into a cashless society.

The survey results come as the regulator debates the raising of the purchase limit on contactless cards from £45 to £100. A year ago, prepandemic, it was just £30.

Marc Terry, a director at Cardtronics, believes the findings discredit the argument often put forward by the banks that they are only responding to changing consumer behaviour when they close branches or axe cash machines.

He says: ‘Consumers have cottoned on to the fact that the banks’ agenda of digitalisation is what is really causing the drop in cash use.’ Since the pandemic in March last year, many retailers have stopped taking cash. If the £100 limit on contactless payments gets the go- ahead, it is likely that more retailers will adopt a card-only policy.

Last March, the Government said it would legislate to ensure high street access to cash. But distracted by the impact of coronavirus on the economy, it has yet to do so.

Consumer group Which? has just written to the country’s largest eight banks asking them to ‘publicly’ commit their support to the national network of cash machines operated by Link – as well as the post office banking service. Recent research by Which? suggests that nearly ten million people are not ready – or able – to give up using cash.