There is a distinct movement back to cash instead of debit cards, reversing the trend in the UK. This may be welcomed by arcade owners.
According to ATM network Link, shoppers plan to move back to cash as they can more readily budget, at this time of a cost of living crisis.
One in ten shoppers now plan to save money by using cash instead of debit cards or smart phones. There are now 15 million people only using cash to help cap their spending.
However, it is now harder to do so, for many outlets have already switched to card-only trading since the pandemic. And half of the UK’s bank branches have closed down and 25 per cent of free-to-use cash machines have been withdrawn in the past two years.
In the national press, a Link spokesman said that the cash machine closures and reluctance by some businesses to accept cash has created a “digital divide” in the UK population. “For some, card and digital payments mean they can track all their spending online, yet for many there is no better substitute for budgeting than cash.”
