Cash takes a major hit as stores close due to coronavirus
Cash usage in Britain has halved in just a few days after Prime Minister Boris Johnson outlined strict new measures to tackle the spread of coronavirus.
Research by UK ATM network Link flags up the dramatic decline as stores across the UK shut down and shoppers are encouraged to move to contactless payments to avoid Covid-19 contamination from banknotes.
John Howells, Link CEO, comments: “These are difficult and challenging times, but I would like to reassure everyone that Link remains as committed as ever to ensuring people can continue to access their cash. I and the whole board would also like to thank our members and the many, many people who are working hard behind the scenes to keep the ATM network going.”
£45
The contactless limit for in-store card transactions is increasing from £30 to £45.
This is in response to the coronavirus epidemic, with the aim of reducing the need for physical contact with PIN-Entry Devices (PEDs) at points of sale.
The new limit will be operational at some stores across the UK from 1st April, but may take some time before it can be applied everywhere, for instance, at retailers who are currently operating at peak capacity.
“The last contactless limit increase to £30 took two years to implement but, given the extraordinary circumstances we face today, this new £45 limit will be rolled-out from next week,” says BRC Head of Payments Policy, Andrew Cregan.
“Some shops will take longer to make the necessary changes, given the strain they’re under. In the meantime, most customers can continue to make contactless payments for higher amounts using their smartphone.”
