Six business benefits of going cashless

With 98% of Brits owning a debit card and 300 ATM’s closing down every month, there’s no denying that Britain is rapidly turning into a cashless society. But have you ever wondered how this will affect businesses across the UK?
Luckily, thinkmoney has uncovered the benefits of businesses going cashless before revealing which UK regions are the most prepared for the ‘death of cash’.
Revealed: 6 untold business benefits of a cashless Britain
1. The average business would see a £23,145 boost

  • Research has revealed that businesses lose out on £23,145 when they only accept cash transactions.

2. Lower risk of illness due to ‘dirty cash’

  • In its 113-month lifespan, the average £20 note is exchanged 2,238 times.
  • A single average banknote carries up to 3,000 different types of bacteria – some of which are known to spread skin infections, food poisoning and stomach ulcers.

3. Safer workplaces for staff in retail and hospitality

  • Since 2012, crime within the food/retail businesses has fallen by nine per cent – which could be attributed to fewer establishments handling cash.

4. Your money is safer with banks

  • In the past year, UK banks have successfully prevented £1.66bn in fraud.

5. A potential £80m increase for charities

  • A lack of Brits carrying cash has led to UK charities losing a staggering £80m every year.
  • However, another organisation that relies heavily on donations, the church, has seen a 97% increase in donations since accepting contactless payments

6. The UK government could save £35bn – which could be invested in businesses

  • Every year, the HMRC loses a staggering £35bn to tax avoidance.
  • If Britain were to go cashless, this saving could be invested in businesses.

Uncovered: The UK regions most prepared for a cashless society

The decline in ATM withdrawals between 2017 and 2018

UK region

Reduction in the number of ATM withdrawals

London -8.5%
South East -7.7%
South West -7.0%
East of England -6.0%
North East -4.6%
Yorkshire & the Humber -4.4%
East Midlands -4.3%
West Midlands -4.0%
North West -3.3%
Scotland -3.3%
Wales -3.3%
Northern Ireland -2.0%

From this research, it is clear that Northern Ireland is the least prepared for a cashless society. It’s also worth noting that last year, N.I. was the only region that saw an increase in the number of bank branch openings. Every other region saw a clear decline.
Interested in the full findings? Click here.
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