The majority of UK retailers want to go entirely cashless, removing the option to pay by physical currency entirely.
Over half of UK businesses would like to see cash payments removed entirely from their day-to-day trading, while a further 61 per cent want to see the contactless spending limit increased even further.
According to new research from merchantadviceservice.com, which interviewed 1200 businesses across the UK, 86 per cent of respondents favour card and contactless payments over any other method.
Just over half of businesses said the top reason for wanting to do away with cash was so they would no longer have to keep physical money on-site, while 30 per cent said it would reduce trips to the bank.
A whopping 89 per cent of transactions made in retail stores were estimated to already be made by card, followed by around 75 per cent in food & drink and 66 per cent in hospitality.
“Contactless payments have been incredibly popular from the moment they became an option, but with everything that’s happened over the course of the past year, we’ve definitely seen a shift in less and less people carrying cash on them than ever before,” merchanadviceservice.com’s co-founder of Libby James said.
“Whether that’s because they’re not going to the bank or to their local ATMs to withdraw it, they’re weary of the amount of people who can touch one single note or simply because they’re unsure of whether businesses will or won’t take cash in the current climate.
“The results here definitely show the need for a further contactless payment cap increase, even though we’ve just had one, or for it to be removed altogether. That being said, the payment cap does offer some level of safety and security to the bank account owner and processes would need to be in place beforehand to ensure everyone’s money is as safe as possible, especially if their card were to be lost and fall into the wrong hands.”