MILLIONS FACING HARDSHIP WITH ‘END OF CASH IN 5 YEARS’

Cash machines are facing ‘death by thousand cuts’

- Katie Harris

CAMPAIGNERS fear millions of people will be cut adrift from the financial system – after a warning that cash could be phased out by 2027.

The boss of the largest ATM network says access to bank notes is suffering “death by a thousand cuts”. Campaigners say those at risk of being left behind as a cashless society looms include the elderly and vulnerable – as well as people who simply rely on using cash.

John Howells, chief executive at the UK’s cashpoint network Link, said use of notes and coins is down 40 per cent since Covid and “still falling” as people switch to cards.

Cash machines and bank branches are vanishing from high streets, while more shops, restaurants, bars and venues only accept payments using plastic.

Mr Howells warned that around five million people are at risk of being left behind unless more is done to help the transition to digital.

He said: “This infrastructure will start to fall apart unless something is done, and we are already seeing ATMs and branches closing at a worrying rate.

“Our cash infrastructure is experiencing death by a thousand cuts.

“We have five to 10 years to fix digital payments before cash becomes unworkable, and need to start planning how to get the new system working for all.”

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He said the cost of providing cash infrastructure is “huge”.