Despite the rise of digital payment methods, a new study by NatWest reveals that three-quarters of UK consumers still carry cash as a backup for emergencies. The survey, involving over 2,000 UK adults, sheds light on the enduring importance of cash, even as digital alternatives grow in popularity.
Key Findings:
- Emergency Preparedness: 76% of Brits who prefer digital payments still carry cash “often or always” for emergencies.
- Cash Reliance: 54% of vulnerable individuals consider cash “essential,” up from 47% two years ago.
- Usage Contexts: Only 8% of adults use cash exclusively, but many rely on it for specific budgeting or spending scenarios.
While ATMs remain the dominant method of accessing cash, alternatives like banking hubs and Post Offices are gaining traction. Interestingly, 36% of low-income cash users said they might switch to digital payments if fraud protections improved.
NatWest is responding to these insights by upgrading its ATM and multi-function device network in collaboration with NCR Atleos. The revamp will introduce 19-inch touchscreen interfaces, modernizing the cash access experience for consumers.
Mark Brant, Chief Payments Officer at NatWest, emphasized the bank’s commitment to supporting cash users:
“Cash remains important for many of our customers, and there’s an important job for us to support those who continue to use cash, as payments and services become increasingly digital.”
As cash usage evolves, NatWest is investing in innovation to ensure both traditional and digital payment needs are met.