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Travel companies fear “disaster” of a cashless society
If customers stopped using cash it would have a “disastrous” effect on around one in four travel firms, a survey shows.
Research from the Alliance & Leicester Commercial Bank shows that 22% of travel businesses handle cash on a daily basis
The survey of cash usage throughout the UK, found that many travel businesses are still heavily reliant on notes and coins to keep them afloat.
More than one in three (36%) of the small and medium travel companies surveyed said they would have to make significant changes to their business if customers stopped using cash, and eight per cent said it would stunt the growth of their business.
While travel businesses would be the hardest hit by the death of cash, hospitality would also suffer, with 17% saying ceasing cash transactions would have a disastrous effect, and a further 40% saying they would have to make significant changes to their businesses.
The bank’s head of cash marketing Russell Carter said: “The results of our survey highlight that cash continues to be the lifeblood of travel businesses and, as we move into an increasingly electronic age, it is crucial to realise the importance of the humble coin and note.
“Many sectors in the UK rely on cash and the UK economy would be hit hard if cash were to disappear and a large number of companies were to go out of business.”
Report by Phil Davies
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