A recent survey reveals a significant shift in payment habits on UK high streets, with one in seven shops—equivalent to 14%—having eliminated cash acceptance over the past 12 months. Conducted by Link, the UK’s primary ATM and cash access network, the research polled 1,116 small and medium-sized enterprises (SMEs) and highlights the accelerating move toward digital-only transactions among retailers.
Despite this trend, cash remains a vital payment method.
Approximately 46% of all in-person purchases still rely on notes and coins, particularly in sectors like independent retail outlets, cafés, pubs, convenience stores, and launderettes.
Overall, 77% of surveyed high street SMEs continue to accept cash, underscoring that the majority have not yet abandoned physical money.
The rapid rise in cashless policies among the remaining businesses stems from several practical concerns.
Fraud prevention tops the list at 22%, closely followed by general security worries at 21%.
Around 20% of respondents cited insufficient customer demand for cash, while 19% noted that digital payments greatly simplify bookkeeping and accounting processes.
Other factors include limited access to cash deposit services (13%) and the closure of nearby bank branches (11%).
These changes have sparked broader concerns about financial inclusion.
A prior investigation by the Treasury Select Committee cautioned that failing to address cash access could lead to a divided high street, where certain groups—such as older individuals, those without bank accounts, or people preferring cash for budgeting—are effectively excluded from everyday shopping, dining, and local services.
Business owners express mixed feelings about the shift.
More than four-fifths (82%) of high street SMEs indicated they would benefit from improved deposit options, such as those available at Post Offices or community banking hubs.
Nearly half want safeguards to preserve the option of accepting cash moving forward, and over half believe the ongoing reduction in cash usage is detrimental to the vitality of high streets.
Support for regulatory intervention is notable: 53% of the surveyed businesses favor mandatory cash acceptance rules.
This echoes measures introduced in Australia earlier this year, which compel most fuel stations and grocery stores to accept cash payments of up to $500 during specified hours (7am to 9pm).
Joanna Wallace, chair of Link’s independent Consumer Council, reflected on the evolving landscape:
“It’s increasingly common to spot ‘card only’ signs at tills in shops or cafés— a reversal from two decades ago when ‘cash only’ was the norm. Payment preferences and possibilities are transforming, influenced by a multifaceted set of considerations for business owners. Yet, the enduring role of cash on the high street remains evident amid these changes.”
The report, titled “Keeping Choice Alive,” emphasizes the need to balance responsible innovation in digital payments with equitable access to traditional cash options to prevent marginalization and support local economies.