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

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
Countries: United Kingdom
This article is part of category

Payments & Commerce