A new report from the Treasury Committee suggests retailers and other services could be forced into accepting cash.
“There may come a time in the future where it becomes necessary for HM Treasury to mandate cash acceptance if appropriate safeguards have not been implemented for those who need physical cash,” it read, per BBC.
Dame Meg Hillier, who chairs the Treasury Committee, went on to highlight how a “sizeable minority depend on being able to use cash” across Britain.
Hillier labelled this report a “wake-up call” for the government, pertaining to the risks of ignoring those affected by the dying embers of banknote and coin usage.
The committee wants the government to “vastly improve” its monitoring and reporting of cash acceptance numbers, otherwise this cash-keen minority may eventually be excluded from sectors such as public transport. They’re also considering motorists that have lodged complaints about the inability to pay with cash at car parks, as well as domestic abuse victims who need untraceable means of spending.
“The government is in the dark on how widely cash is being accepted and that is completely unsustainable,” added Hillier.
Due to the exponential rise of card-only shops and services, it’s claimed that prices for essential goods will shoot up in the remaining cash-accepting outlets.
Chris Ilsley of Epsom market, who’s ran a plant stall there for the past 13 years, told the Beeb that 70% to 80% of transactions are now completed via card.
He’s not too fussed though, sharing: “We’ll take anything. I prefer the older generation to use card and put their purse away [for safety].”
Meanwhile, The Fruit Machine stall’s Tom Cresswell pointed out: “The youngsters don’t ever pay by cash; they pay with their phones and their watches. The older gentlemen tend to use cash. Whatever is easier for the customer.”
Related: Bill Gates predicts only three jobs will survive AI revolution