NatWest sends update to customers about cash payments

Latest research shows the number of people using cash is continuing to plummet. Brits are favouring contactless payment methods in increasing numbers with cash payments becoming ever rarer.

However, banking giant NatWest has insisted cash still plays an important part in the lives of many people, particularly those who are older, and has pledged to ensure services will still be available to meet their needs.

NatWest reported that only 8% of adults say they still use cash and coins “all of the time”, with more and more people now comfortable paying by card or using their phone. It said the "vast majority of cash users are able and willing to use card or contactless payment methods in certain situations".

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However, millions of people still rely on cash in certain situations, the study found, such as in emergencies. Meanwhile, 54% of vulnerable individuals now consider cash to be "essential," up from 47% two years ago.

Some 76% of Brits who favour digital payments still carry cash for emergencies, with 48% doing so often or always, showing its importance to people despite the massive decline in cash payments. To reflect this, NatWest said it had invested in its cash machines and would be boosting their security features.

Mark Brant, chief payments officer at NatWest, said: “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. That's why NatWest is continuing to innovate for cash users - deploying new hardware and software, testing new propositions, and pushing the industry to harness our collective creativity, all to ensure these customers' needs are met now and in the future.”