September 14, 2023 7.00 pm This story is over 9 months old

The cash comeback: Lincoln businesses say demand still there in card-dominated world

Cash payments went up for the first time in a decade last year
As cash payments rise for the first time in a decade, Lincoln businesses say there is still space for cash in a world increasingly reliant on cards. | Photo: The Lincolnite
By Local Democracy Reporter

In an era where the tap of a debit card can instantly complete a transaction, the notion of a cashless society has been looming large. Yet, recent national data and the pulse of Lincoln’s local businesses suggest that cash is far from being dethroned.

According to UK Finance, cash usage in the country saw its first uptick in a decade last year. While debit card payments are undeniably on the rise, clocking in at 22.7 billion transactions in 2022, cash payments also saw a 7% increase from the previous year, totalling 6.3 billion. This resurgence challenges the narrative that physical currency is becoming obsolete.

Read the full story on MyLocal, the new home of The Lincolnite.