Contactless payments are on the rise as we all practice social distancing and self isolation to stop the spread of coronavirus; according to the trade body UK Finance the UK could become virtually cashless within the next decade and the current crisis could help accelerate that; this trend will leave older and poorer UK citizens with less options to pay cash as they are finding out through the current situation; “It will benefit millions of people who are comfortable using contactless payments,” says Gareth Shaw, Head of Money at consumer group Which?, to the FT. “That said, there are significant numbers of people in the UK that are solely reliant on cash.”; some banks like Lloyds Banking Group have set up a process for caregivers to go to the bank with ID where they can phone to account holder for approval; there is a risk that after the crisis ends there will be even less opportunity for consumers to get cash; “I’m not merely worried about the lockdown, I’m concerned about what happens after,” Natalie Ceeney, Independent Chair at the Access to Cash Review, says to the FT. “There is a severe risk that people will still need cash, but the infrastructure will no longer be there.” Financial Times
