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Five Million People Still Use Cash. Digital Payments Are Moving On Without Them
Cash transactions are disappearing fast in the UK, but five million people still rely on cash payments. That tension sits at the heart of this episode.
In my conversation with John Howells, Chief Executive of LINK, we explore the sharp fall in cash use, from six in ten payments a decade ago to fewer than one in ten today, and the consequences that follow. For most people, digital payments bring convenience and choice. For others, the elderly and those less comfortable with technology for instance, the pace of change creates real risk.
John explains that cash infrastructure declines faster than people adapt. As usage falls by around ten per cent a year, ATMs, branches and cash accepting shops disappear unevenly. Banking hubs emerge as a practical response, shared branches on the high street that protect face to face access when the last local bank branch closes.
We also look ahead to digital money. Stablecoins, tokenised bank deposits and central bank digital currencies point to a future where payments carry richer data and support smarter services. That future brings opportunity, including reduced fraud and more flexible support for vulnerable users, but only if inclusion is designed in.
A striking argument in this episode is about responsibility. John suggests that banks should not carry the cost alone. Large technology firms such as Amazon, Meta and Google also benefit from the shift to digital payments and should contribute to sustaining the system that underpins it.
This episode is a reminder that payment systems are part of the social infrastructure and community fabric, not just technology.
Chapters
00:00 The Cash Dilemma: Understanding the Need for Cash in a Digital World
03:00 The Evolution of Payments: From Cash to Digital
06:07 The Vulnerable Population: Who Are the 5 Million Cash Users?
08:45 The Role of Technology: Bridging the Gap for Cash Users
11:58 Banking Hubs: A Solution for Access to Cash
14:52 The Future of Payments: Trends and Predictions
17:55 The Impact of Digital Payments on Society
20:49 The Role of AI in Financial Inclusion
23:50 The Multi-Money Approach: Stablecoins and Digital Currency
26:42 Preparing for the Future: What Companies Should Do
View all episodes
By Professor Ashley BraganzaCash transactions are disappearing fast in the UK, but five million people still rely on cash payments. That tension sits at the heart of this episode.
In my conversation with John Howells, Chief Executive of LINK, we explore the sharp fall in cash use, from six in ten payments a decade ago to fewer than one in ten today, and the consequences that follow. For most people, digital payments bring convenience and choice. For others, the elderly and those less comfortable with technology for instance, the pace of change creates real risk.
John explains that cash infrastructure declines faster than people adapt. As usage falls by around ten per cent a year, ATMs, branches and cash accepting shops disappear unevenly. Banking hubs emerge as a practical response, shared branches on the high street that protect face to face access when the last local bank branch closes.
We also look ahead to digital money. Stablecoins, tokenised bank deposits and central bank digital currencies point to a future where payments carry richer data and support smarter services. That future brings opportunity, including reduced fraud and more flexible support for vulnerable users, but only if inclusion is designed in.
A striking argument in this episode is about responsibility. John suggests that banks should not carry the cost alone. Large technology firms such as Amazon, Meta and Google also benefit from the shift to digital payments and should contribute to sustaining the system that underpins it.
This episode is a reminder that payment systems are part of the social infrastructure and community fabric, not just technology.
Chapters
00:00 The Cash Dilemma: Understanding the Need for Cash in a Digital World
03:00 The Evolution of Payments: From Cash to Digital
06:07 The Vulnerable Population: Who Are the 5 Million Cash Users?
08:45 The Role of Technology: Bridging the Gap for Cash Users
11:58 Banking Hubs: A Solution for Access to Cash
14:52 The Future of Payments: Trends and Predictions
17:55 The Impact of Digital Payments on Society
20:49 The Role of AI in Financial Inclusion
23:50 The Multi-Money Approach: Stablecoins and Digital Currency
26:42 Preparing for the Future: What Companies Should Do