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UK reports cash decline due to COVID-19

Thursday 25 June 2020 10:01 CET | News

Accenture has reported that cash usage is declining in the UK compared with the rest of Europe during coronavirus, according to altfi.com.

UK cash usage has declined by almost 40% from 2019, owing to the COVID-19 crisis, prompting an accelerating use of digital payments. This compares to the European average of 30%. UK cash usage was already in decline; however, coronavirus is accelerating the trend. The COVID-19 pandemic caused disruption inside the payments industry. As cash usage continues to decline, banks and merchants will see accelerated use of digital payments, prompting a shift in their payment revenues.

Physical checkout is now considered a risk. Use of digital wallets – such as Apple and Google Pay – are likely to accelerate as a result of this crisis, as could checkout-less store models such as Amazon Go. Both of which negate the need for cash, staff from Accenture said.

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Keywords: cash decline, COVID-19, coronavirus, Accenture, UK, Europe, cash usage, payments, banks, merchants, digital payments, payment revenues, physical checkout, digital wallets, Apple Pay, Google Pay, Amazon Go
Categories: Payments & Commerce | Online Payments
Countries: United Kingdom
This article is part of category

Payments & Commerce