ATM provider Link has reported that 14 percent of UK high street businesses turned cashless over the course of the last year, with the use of mobile payments rising across all age groups from 16 to 65-plus between 2023 and 2024.
ATM firm Link has released data which shows that 14 percent of UK retailers became cashless in the past 12 months, as concerns mount that changing consumer habits could lead to greater financial insecurity.
The Keeping Choice Alive report, which also revealed the use of mobile payments rose across all age groups between 2023 and 2024, comes as MPs and campaign groups continue to push for action from the government.
“High Street shops are increasingly accepting only card or phone payments, new research suggests, as traders balance security, costs and the needs of customers,” reported the BBC. “The findings highlighted retailers’ efforts to avoid payment charges and tackle security concerns, despite around half of in-store purchases still being made in cash.”
“MPs on the influential Treasury Committee last year warned of a lack of data on cash acceptance and said the government should be ready to force shops and services to accept cash to protect vulnerable people. They said there was a risk of a two-tier system, potentially pushing up prices in outlets that still accepted cash and creating a poverty premium for those who best budgeted using cash.”
According to Link’s findings, 77 percent of high street businesses still accepted cash, however those switching to cashless cited a list of motives for the move, including the perceived security threat from counterfeit notes, worries about theft, a “lack of demand” among customers, and the impact of handling costs.
“About half of retailers said they paid more than £50 a month to handle cash deposits, with 15 percent of those asked paying more than £200 a month.”
Card takes hold of high street
BBC report said… “High Street shops are increasingly accepting only card or phone payments, new research suggests, as traders balance security, costs and the needs of customers…
Originally published on Coinslot on March 16, 2026. Republished with permission.