What Happens To Cash (Real Cash!)

What Happens To Cash (Real Cash!)

Following on from a number of my previous posts/blogs on the issue around physical cash disappearing seems like every "virtual campfire" and conference or panel session I attend speculate that everything will soon be digital and or token only. What’s the state of play?

You’ll recall the March 2019 Access to Cash Review published its final report (PDF). This explored how consumers’ need for cash can continue to be met at a time when technology is advancing and more people are using alternatives such as contactless payments and debit cards. 

The Joint Authorities Cash Strategy (JACS) Group was set up, alongside the Bank of England and PSR, and chaired by the Treasury. The JACS Group is working to safeguard access to cash for those who need it, while supporting digital payments. 

Access to essential banking services and cash can be affected when banks and ATM providers make decisions to close branches and cash machines. FCA has published guidance on customers TCF.

Today FCA confirm it’s undertaking research on those who have a greater reliance on cash, with a focus on the needs of vulnerable consumers and opportunities for innovation. In addition working collaboratively with the University of Bristol and the PSR to assess different measures of access to cash across the UK, the full report due shortly.

Minutes of industry meetings will be on PSR website. 

There is a focus on innovation that helps consumers and small businesses access cash and provide support to eligible innovative firms working in this area through FCA’s Innovate and the regulatory sandbox. 

Don’t expect physical cash to disappear anytime soon!