Industry Experts make commitment to support cash at Volumatic's Cash 2030 Conference

COVENTRY, England, March 3, 2022 /PRNewswire/ -- Experts from the Bank of England, UK Cash Supply Alliance and Enryo, alongside The Co-op Food Group - who offered an all-important retailer perspective - all agreed they were committed to supporting the continued use of cash over the next decade at a conference held by thought leaders and cash handling innovators Volumatic last week in Coventry.

The event followed on from Volumatic's 'Cash After Covid' white paper, which found that despite cash use declining during the pandemic, there is still an overwhelming desire from consumers in the UK to continue using cash and retain payment choice.

Topics under discussion during the conference included the history of cash usage; the impact of the recent pandemic; consumer attitudes towards cash and payment choice, access to cash and, crucially, what provisions the industry are making for cash, all of which generated some interesting key findings, including:

Cash Usage

• The demand for cash reduced sharply during lockdown but has now largely recovered
• Cash remains the second most popular form of payment after cards with 23 million regular cash users
• Millions of people still choose to use cash in some settings (regardless of age and demographics)

Access to Cash

• Access to cash withdrawal (and deposit facilities) remains crucial
• The Financial Conduct Authority (FCA) and the Payment System Regulator (PSR) are continuing to monitor consumer access to cash

Actions to Support Cash

• We need to better understand the changing needs of the consumer
• With so many people dependent on cash, there needs to be a viable infrastructure throughout the UK that meets their needs
• New Government legislation is being planned to ensure continued access to cash for consumers

The day ended with a lively panel discussion around the future of cash, with guest panellists from The Co-op Food Group, Natwest, G4S and LINK answering questions from our attendees, including Tesco, The Card Factory, Barclays Bank and Morrisons.

James Harris, MD at Volumatic, was delighted with how the event went and said: "We held our Cash 2030 day to help encourage the retail community and the cash handling industry to work together to create an equitable and efficient payment ecosystem for future generations.

"This event has prompted some interesting discussions and Volumatic will continue to work with all our partners and customers to facilitate the work that needs to be done to keep access to cash for all and maintain efficiency throughout the cash cycle."

About Volumatic

For 50 years Volumatic has been pioneering retail security products. Recognised as a global leader in the design, manufacture and implementation of intelligent cash handling solutions, Volumatic works with a number of leading retail and leisure businesses, including; Tesco, The Coop Food Group, Nisa, Londis, Morrisons, Tesco, Subway, Wilko, Odeon cinemas and Genting Casino.

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Website: www.volumatic.com