Business leaders have joined with charities and consumer groups to urge the Government to protect cash as an important payment method.
They are highlighting the importance of cash to the financially vulnerable, digitally excluded and small businesses.
The UK Government is currently consulting on its Future of Payments Review.
The campaigners acknowledge the recent release of a cash access policy statement as a positive first step.
But they argue that a more comprehensive effort is required to ensure the robust funding and safeguarding of the UK’s cash network.
They are calling for a strong focus on maintaining maximum payment choice and the future-proofing of cash as a payment method, through ensuring the ATM network receives the funding it needs.
They are urging Chancellor Jeremy Hunt to maximise payment choice for businesses and individuals, maintaining a diverse payments landscape.
Despite the evolving landscape of digital payments, cash remains the second most widely used payment method in the UK, accounting for a substantial 15 per cent of all payments.
As the cost-of-living crisis escalates, cash has become an essential tool for budgeting, allowing for greater financial control and flexibility.
However, the viability of the UK’s cash infrastructure is under threat due to bank branch closures and successive reductions in funding for the free-to-use ATM network, which comprises nearly 80 per cent of the country’s cash machines.
