LONDON (CU)_The COVID-19 pandemic has led to a major shift in payment trends across the globe, as the global health crisis triggered a slump in the use of cash. Many businesses are moving to digital transactions only and consumers are deliberately avoiding the use of cash owing to COVID fears. Nevertheless, notes and coins continue to remain a popular method of payment particularly among older and vulnerable consumers. According to Age UK’s Financial Lives 2020 Survey, over the past year, about 2.4 million people aged 65 and above in the United Kingdom conducted almost all their day-to-day payments in cash. However, according to the national charity, millions of people are unable to access the cash they need owing to the decline in local ATMs and bank branches.
In the UK, essential services, including electricity, water, post and even broadband are covered by…
