UK sees resurgence in cash use

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The UK has seen a resurgence in the use of cash in the past week, according to cash management company Loomis UK.

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Loomis, who collects and redistributes notes and coins on behalf of shops, restaurants, banks and other businesses across the UK, is reporting that cash volumes currently being spent are exceeding 70% of pre-lockdown levels.

Simon Wood, commercial director of Loomis UK, said: “Last week we collected more cash from stores and businesses across the country than at any point this year, and on certain days cash use was over 73% of pre-Covid levels.

“Spending patterns and consumer behaviour have certainly changed over the past year, but as high streets re-open for business across the UK it’s clear that a significant proportion of consumers still prefer to use cash if they can. We are increasing our services to help meet this demand, to ensure that businesses can continue offering cash as a payment option to their customers.”

The news comes as a report by Worldpay predicts that cash will account for just 7% of in-store purchases in the UK by 2024, down from 27% in 2019.