Fortunately, thinkmoney uncovered unspoken benefits for companies if Britain abandoned its cash.
In addition, their research also revealed which parts of the UK were best prepared for "money death".
1. The average activity would see an increase of £ 23,145
Research has revealed that companies lose £ 23,145 when they only accept cash transactions.
2. Lower risk of illness due to "dirty cash"
Over a life of 113 months, the average £ 20 bill is exchanged 2,238 times.
A medium banknote contains up to 3,000 different types of bacteria, some of which are known to spread skin infections, food poisoning, and stomach ulcers.
3. Safer Workplaces for Retail and Hospitality Workers
Since 2012, crime in the food and retail sectors has declined by 9%, which could be attributed to a decrease in the number of institutions managing cash.
4. Your money is safer with the banks
Last year, British banks managed to prevent 1.66 billion pounds of fraud.
5. Potential £ 80 Million Increase in Charitable Donations
Due to lack of money, British charities lose 80 million pounds a year.
However, another organization heavily reliant on donations, the church, has seen its donations increase by 97% since accepting contactless payments.
6. The government could save 35 billion pounds – which could be invested in companies
Each year the HMRC loses £ 35 billion in tax evasion.
If Britain did not use money, this economy could be invested in companies.
While there was a noticeable drop in the number of people using ATMs, thinkmoney also revealed which regions had experienced the largest decline in the past year. The results suggest which regions are best prepared for a cashless society.
|The decline in automatic teller withdrawals between 2017 and 2018|
|Region of United Kingdom||Reduction in the number of automatic teller withdrawals|
|East of England||-6.0%|
|Yorkshire and Humber||-4.4%|
|Midlands of the East||-4.3%|
It is clear from this study that Northern Ireland is the least prepared for a cashless society. It should also be noted that last year, N.I. was the only region to record an increase in the number of bank branch openings. All other regions experienced a sharp decline.