Coronavirus Could Wipe Out Cash. Here's Why That Matters For All Of Us
For people who only have to tap their bank card to pay for their day-to-day shopping, and can access their account balance at the push of a phone button, the closure of a nearby cash machine will probably be met with a shrug of the shoulders, if even noticed at all.
For some, the biggest impact this might have could be the minor irritation of having to root around in their pockets for some loose change when the card machine goes down at the local off-licence, or having to dash an extra half a mile to the nearest machine when they find out the takeaway around the corner only takes cash.
But while digital innovations have helped make buying goods and services quick, simple and efficient for millions across the country, it’s a serious mistake to merely view the changes to the way we make payments on an individual basis – to get a true understanding, we need to recognise how it impacts on communities.
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While the cash machine at the end of the road may be rarely, if ever, used by a tech-savvy teenager, it could be a lifeline to their elderly next door neighbour who struggles with their mobility, or someone on a low income who prefers using cash as a way to control their spending.
Our research has found that thousands of cash machines and bank branches have disappeared across the country in recent years, meaning this is a situation that confronts millions of people across hundreds of communities, a situation that has been made even worse by the pandemic.
Figures from the financial regulator on Tuesday showed that a staggering 59,000 people had no access to cash within three miles of their home at the peak of the bank branch and cash machine closures...
