– Retailers urged to futureproof with Volumatic
2025 is shaping up to be the year of cash. Following recent research from Nationwide Building Society showing a continued rise in cash usage for the third consecutive year, the Treasury Committee has now added its voice to the debate with a new report calling for cash acceptance to be made mandatory across the UK.
The Committee’s report not only advises MPs to seriously consider legislating for mandatory cash acceptance in all shops and services but also urges the government to enhance its oversight of the country’s ‘access to cash’ infrastructure. It comes amid growing concern that card-only businesses are excluding significant sections of the population including the elderly, vulnerable and those without access to digital banking.
Unlike the UK, countries across the EU already require businesses and public services to accept cash, and even nations previously committed to going cashless, such as Sweden and the Netherlands, are now reversing course, citing rising cyber threats and the importance of maintaining a resilient, inclusive payment system.
While the government considers its next steps, retailers are being urged by Volumatic to recognise the risks of a card-only approach. These include:
- Rising card fees – Uncapped transaction fees post-Brexit are placing a growing financial burden on businesses, whereas cash remains a low-cost alternative, especially when supported by intelligent solutions like those offered by Volumatic.
- Cyber-attacks – In 2023 alone, over 2,300 cyberattacks affected more than 343 million individuals. As digital dependency grows, so too do the risks with system outages potentially preventing any card transactions from being processed.
- Power failures – Digital payment systems are vulnerable to outages and technical issues, whereas cash offers a simple, reliable backup.
- Loss of privacy – Every digital payment creates a data trail. For consumers concerned about privacy and autonomy, cash remains unmatched.
For businesses worried about the logistics of handling cash, especially in the face of branch closures, there is help at hand. The Access to Cash Review, supported by new Financial Conduct Authority (FCA) rules, is driving the rollout of over 350 banking hubs nationwide, designed to ensure cash remains accessible for all.
James Harris, Managing Director at Volumatic, said: “While digital payments are undoubtedly convenient, cash remains one of the most resilient payment methods we have, and its importance should not be underestimated. Cash ensures privacy and inclusion, and it costs a fraction of the amount to process, especially for smaller businesses.
“Volumatic are more than happy to support businesses in realising the benefits of accepting cash and can help them make things even easier by recommending the CCi, a full end-to-end cash management solution to make their processes more secure, more efficient and more cost-effective.”
Volumatic continues to advocate for payment choice and has previously published a white paper, Consumers Demand Payment Choice, highlighting consumer demand to retain the ability to use both cash and digital payments. “With legislative momentum building, now is the time for retailers to take action, not only to safeguard their business, but to play their part in a more inclusive and resilient payment ecosystem,” adds Harris.
To find out more, visit www.volumatic.com
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