Yahoo Finance Revealed: The top 10 areas of Britain most reliant on cash
County Down in Northern Ireland is the most cash-reliant county in the UK, new data has revealed. County Antrim, Lanarkshire, Merseyside, and County Durham also feature highly in the ranking.
In-store payment service provider PayPoint looked at cash as an overall percentage of transactions in its network of 28,000 UK stores over the 2020-2021 financial year.
Of the 48 UK counties included in its report, 43 have a "cash reliance score" of more than 50%, indicating that cash is still important for millions of people across the UK.
“Among continued sensationalism and scaremongering over the decline of cash, it is more important than ever that we recognise its continued importance to communities around the UK,” said Nick Wiles, CEO of PayPoint.
“Despite the rise of digital payments during the pandemic, we must not forget that many people are still reliant on cash, and they are also often the most vulnerable in society.”
The report found that a north-south divide could emerge in a cashless society, with the most cash-reliant counties spread across the north of England, the West Midlands and the devolved nations.
PayPoint also said two thirds of all transactions in its network of convenience stores are made in cash and one in five (21%) people across the UK still use an ATM two to three times a week.
Meanwhile, 64% of Brits think more should be done to protect cash.
Later this year PayPoint plans to begin a nation-wide roll out of a service for those who require cash in exact denominations, following a successful trial.
Read more: One in four payments now contactless in UK as COVID speeds death of cash
This will allow anyone in the UK who needs to make exact withdrawals, down to the penny, without having to worry about meeting the minimum requirements of ATMs.
Much has been written about the increase of digital payments, especially as more Brits avoid touching cash in a bid to curb the spread of the coronavirus.
A report from November last year found that cash transactions are expected to rapidly decline in the UK, with Accenture (ACN) predicting 11.6 billion transactions, worth up to £155bn ($206bn), will shift from cash to cards and digital payments by 2023.
Last year, the number of contactless payments made in the UK increased by 12% to 9.6 billion.
Back in July, UK chancellor Rishi Sunak put to bed speculation the government could be planning to replace cash with a digital currency that has been dubbed "Britcoin."
Watch: Why can't governments just print more money?
