The UK has been moving towards a cashless society for years as payments have become more efficient through new technology; while this is part of a wider global trend there is a big concern about who will be left behind; older individuals and lower income groups are most at risk, both of these groups use cash more and in some cases only use cash; cash also accounts 76 percent of convenience store transactions; technology has helped to provide a better financial services experience, but as Natalie Ceeney, chair of the Access to Cash review, tells the FT, “Our research does show that if we fail to plan and prepare for a cashless society it would do significant harm to the millions of people who would be left behind.” Source.
