Consumers Demand The Longevity Of Cash

05 November 2020

Leading cash experts join Volumatic to discuss the future for cash after COVID

After cash mis-truths that circulated during the pandemic, cash looks set to bounce back as new research suggests a high consumer demand and retailer necessity. Research shared in Volumatic’s latest Cash After COVID UK Retail Webinar dispelled the myths surrounding cash safety and presented insightful data that indicates its continued importance in society.

Research shared by thought leaders from the Bank of England, Coop Food Group, Enryo, Cash Essentials and Vaultex during the webinar offered encouraging news and research-backed expertise to the many leading UK retailers in attendance.

Evidence from the Cash After COVID webinar showed that 83% of retailers will always accept cash in their stores. This follows consumer demand where there is a strong argument for access to cash as 70% of consumers want to be able to pay by cash in the future. Data shared by the Bank Of England in the webinar also backs this up as 97% of people still carry cash on them, with the value of cash in circulation continuing to grow.

"Our Cash After COVID event was incredibly well received with many leading UK retailers joining the event. The number of high profile key speakers, guests and brands in attendance show that cash is still very much at the forefront of retailers’ plans. This webinar was a fantastic opportunity to share insightful data to support business decision making.” – James Harris, Director of Volumatic. 

The webinar also served as a vital platform to debunk many of the myths surrounding cash during the pandemic. Key speakers shared data that highlights the safety of cash and that there is no known evidence of cash transmitting Coronavirus.

Looking to the future of cash, Volumatic’s webinar also shared key information regarding the new £50 polymer note, with a high proportion of retailers feeling comfortable with accepting the new polymer note when it is released in 2021.