The Bank of England has published its response to the treasury’s call for evidence on cash and digital payments in the new economy.
The usage of cash is evolving, but there is, and is likely to remain for the foreseeable future, a significant public demand for banknotes, the Bank of England observes. Notes and coins accounted for 40% of all payments in 2016, compared to 62% in 2006.
Despite this decrease and the rise of contactless and mobile payments, people who choose to use cash do so for a range of reasons, including it being a useful budgeting tool and quick and easy to use. It also works when other methods do not (for example, the Visa systems crash on Friday).
Further details here.
Sign up for our free retail technology newsletter here.