The UK is witnessing an ongoing resurgence in cash usage, as revealed by a new report from the Nationwide Building Society.
For the third consecutive year, cash withdrawals have risen, with ATM withdrawals increasing by nearly 5% over the past 12 months.
In 2024 alone, over 30 million withdrawals were made totalling £4.34 billion. Since 2021, the number of cash withdrawals has surged by nearly 30%, defying the narrative of digital payment dominance.
The report identifies economic uncertainty and the cost-of-living crisis as significant drivers of the cash trend. Consumers increasingly turn to it for budgeting purposes, finding that physical money helps manage spending more effectively. For many, cash remains a trusted, resilient, and private method of payment. Businesses that have shifted to cashless models may be losing customers who prefer the option to pay with cash.
In response, Mike Severs, sales and marketing director at cash handlers Volumatic, said: “The figures show consecutive annual increases since the pandemic. With cash usage continuing to grow, it’s evident cash is no longer in decline. Businesses must adapt to this by maintaining the option to accept cash and promoting it.
“Those who’ve moved to card only payments should reconsider, as they risk losing customers and revenue. We have seen many retailers and restaurants reintroducing cash payments with significant success, boosting profits and enhancing customer satisfaction.”
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