01 Jun 2007


Print	Email

British public won't go cashless

A YouGov survey commissioned by Bank Machine, the UK's leading independent ATM operator, has revealed 75% of today's consumers still prefer to use cash for smaller transactions, and 81% believe financial institutions are pushing them to use their credit and debits cards more.

According to results from the survey, consumers carry an average of £26 cash in their wallets, and nearly two-thirds of transactions under £5 are still paid for in cash.
This is not in the interest of the banks, says Bank Machine, as cards encourage consumers to splash their cash more. In a recent BBC Radio 4 discussion, Jeff Randall, editor of The Daily Telegraph, noted a number of retailers are even starting to refuse cash payment for items worth over £50.
Trials of a contact-less card for smaller payments have also recently been conducted. This requires consumers merely to hold the card up to a secure reader, and, according to Bank Machine research, this ready spending is not what the British public wants.
Ron Delnevo, managing director of Bank Machine, expressed his concerns: “At a time when consumer debt in this country is at an all time high, it is completely irresponsible of card issuers to suggest that cash transactions are somehow old fashioned. It is an increasing worry that big institutions and retailers are continually attempting to manipulate the ways in which we spend our money, and subsequently what it is spent on.”

Email this to a friend