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Retail bankingSeptember 5 2023

Why cash is still important in a digital world

HM Treasury is set to follow in Sweden’s footsteps by approving a framework to prevent a major ATM and cash exodus in the UK — in the midst of spiralling growth in digital payments.
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Why cash is still important in a digital worldImage: Getty Images

‘Cash is king,’ as the saying goes. It is a view that seems to be shared by the UK government, which has intervened to guarantee access to cash points within a three-mile radius of people and businesses. 

On August 18, HM Treasury announced that high street banks are now obliged to offer cash-withdrawal locations within a reasonable walking distance from both urban and rural centres.

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