Only 1 in 10 consumers think cash is unhygienic

LONDON - Aug. 13, 2020 - PRLog -- The Enryo research, conducted in the first half of July when shops started to reopen following the relaxing of lockdown, also found that payment choice is important for consumers with eight in ten (81%) saying it's important that shops or restaurants offer a range of payment options, including cash, and just under a quarter (24%) saying that if a restaurant or shop no longer accepted cash they would no longer shop there. Nearly half (46%) said that if the signs discouraging cash use were removed, they would feel more comfortable using it. A fifth (19%) of people said that they wanted to use cash but ended up using cards because they were encouraged to and 5% (2.6million people) said they have been refused a sale when trying to pay in cash, so did not make a purchase.

The research also found that small and micro businesses (that accepted cash before Covid-19) also think payment choice is important, with over three quarters (77%) of businesses surveyed agreeing that it's important they offer a choice of payment methods, including cash (60% consider cash an essential payment option for their customers).Since reopening, these businesses have seen cash payments fall from 27% to 15% replaced by card and contactless payments but only one in ten (10%) are considering going cashless in the future.

Natalie Ceeney, Chair of the Access to Cash Review, said 'Today's figures demonstrate that payment choice is still important for consumers across the UK. Despite Covid-19 accelerating the trend from cash to digital payments, cash is still a lifeline for many consumers across the UK and must remain an acceptable form of payment for the foreseeable future. If the UK moves too fast towards being 'cashless' without including all parts of society, millions could be left behind. We don't believe that leaving this many people behind in a rush to a cashless society is an acceptable outcome for Britain, and it's also not what the majority of the people of the UK want. We need to safeguard the use of cash for those who need it, and at the same time work hard to ensure that everyone can participate in any future digital economy'

David Fagleman, Director, Enryo said 'Despite a belief in the early days of the pandemic that cash was unhygienic it's clear that as people return to the high street cash will play an important role in the economic recovery. People want choice when it comes to payments and that includes the option to pay with cash; luckily for them small and micro businesses agree.'