News & Views - Savantor

Maintaining accessibility to cash

Wednesday, 16 October 2019

The use of cash and in particular its accessibility has been very much in the news in the UK recently. It is a topic of discussion for not only the finance industry but also the government and the media. Just this month Barclays undertook a volte-face in its decision to withdraw participation from the Post Office programme enabling cash withdrawal from current accounts, as a result of strong criticism from both government and consumer bodies.

UK Finance has just issued a report about cash and its accessibility (UK Cash & Cash Machines 2019), in which it details the latest key statistics about cash usage and how the market is changing. 

Key findings of the report include:

  • In the UK, cash payments represented 28% of all payments in 2018.
  • There were 11 billion cash payments in the UK in 2018, a fall of 16% from 2017.
  • Cash was the second most frequently used payment method in the UK in 2018 after debit cards, a fact which may surprise some people.
  • There were 7% less cash withdrawals at ATM’s in 2018 than in 2017. The total value withdrawn was down by 8%.
  • The volume of cash machine withdrawals in 2018 was down by 17% from its peak in 2012.
  • There were 63,360 ATMs in the UK at the end of 2018, down from 69,603 at the end of 2017. 
  • During 2018, 1.9 million consumers mainly used cash, 5.4 million rarely used cash. 
  • Cash payments are forecast to decline to 3.8 billion in 2028, accounting for fewer than one in ten (9%) of all payments in the UK.

The report demonstrates that cash usage continues to decline, with cash payments falling by 16% to 10.9 billion payments in 2018. As cash payments decline debit card payments continue to grow, with debit card usage overtaking cash as the most frequently used payment method in 2017 and usage figures increasing again in 2018. The significant growth in contactless card payments over the past few years has helped speed the migration away from cash as a payment method to cards. 

However, cash remained the second most frequently used payment method. Familiarity with it as a payment method and its generally wide acceptance are recognised as helping it to retain its popularity, albeit on the decline.

Although at present we are not on the brink of becoming a cashless society, there is no doubt that we are moving towards a society where cash is used less than it once was. Nevertheless it should be recognised that cash remains an important feature of the payments landscape and access to it and the use of it continues to need to be supported.

Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Issuer and Acquirer Transformation - Assessment and Mobilisation

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with a diverse team from across the bank and actively contribute. I am pleased to say that Savantor was able to deliver on our needs as well as being good people to do business with."

Lars Bostrom, Head of Cards - Nordea - Scandinavia

Moneris Solutions

"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."

Jeff Guthri, COO - Moneris Solutions - Canada

Credit Card Launch

"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."

Toine Schepers, Operations Director - Primeline - The Netherlands

Acquirer Risk Assessment

"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."

Mark Healy, Chief Risk Officer - NEOVIA Financial - UK

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Acquiring market insight and strategy review

"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."

Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland

Business and Platform Strategy

"Savantor successfully advised Rabobank during preparing of the platform migration for cards. Savantor demonstrated thorough knowledge of business processes and market players combined with a practical approach."

Evert Fekkes, Business Information Manager - Rabobank - Nederland

Expert Witness

"After searching extensively for the required industry expert in a complex litigation, Savantor was identified to have the necessary industry knowledge and expertise on a range of complex issues. Savantor provided clear advice and was able to quickly hone in on the key issues, but most importantly, generating pragmatic winnable answers."

Gavin Ingram, General Counsel & VP Strategic Planning - Global Blue - Asia Pacific

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.