Miles Vartan’s Post

The UK is currently experiencing a huge financial shift, with cash use in the shops rising for a second year in a row after a decade of falls, according to retailers.   Why? Because persistent inflation and the cost-of-living crisis are changing the way we shop. In fact, 1 in 5 shop purchases are now being made with cash to help people effectively manage their budgeting. And according to this recent BBC News article, its clear that people want a choice when it comes to spending, so why not give them the best of both worlds? What are your thoughts? Let us know below👇   #CostOfLivingCrisis #Inflation #CashBudgeting 

𝐌𝐚𝐤𝐞 𝐦𝐨𝐧𝐞𝐲 𝐦𝐨𝐫𝐞 𝐯𝐢𝐬𝐢𝐛𝐥𝐞 The use of cash in shops is up for the first time in more than a decade… Why? It’s easier to budget with physical money It takes us closer to generations from the past where money for food, clothing etc was kept in physical jars. In today’s predominantly cashless society money has become invisible 🫥 and with it the ability to easily track and manage our personal finances… Combine that with the “frictionless” ability to buy with 1 click 🤯 and it’s easy to understand why it’s so easy to lose control of our money. Here is the news article from the BBC 👇 What do you do to make money more visible? #money #budgetting #cash https://lnkd.in/eqWGPrJy

New figures from LINK Scheme Ltd highlight a shift in how we access money, with 10% fewer ATMs in the UK over the past three years. While digital payments grow in popularity, cash remains a lifeline for many, particularly older populations and vulnerable groups 🧑🧑🧒 Recent Financial Conduct Authority regulations aim to ensure communities retain vital access to cash, but disparities remain – some regions in the UK have already lost up to half their machines. Caroline Abrahams, charity director at Age UK said "We hope that the Government will continue to monitor the situation and will be able to act if necessary". Read more PA Media 👉 https://buff.ly/3ATELvi #AccessToCash #FinancialConductAuthority #DigitalTransformation

It’s always an interesting topic. Some people love cards and the tech options that come with it, applepay etc, and others love cash for a wide range of reasons. For the majority though they are both still relevant, with Link ATM research showing that 81% of people still want the right to pay in cash, not just by card. A YouGov conducted survey on behalf of the Payment Choice Alliance in June 2023 revealed only 3% of the adult population have stopped using cash completely. Personally I have always carried a small amount of cash, and my reason is that you never know where you’ll be and what will happen that means you may need it. I’ve been in the business of consulting and arranging card payment solutions for over 19 years and I still get excited when I hear about new innovations. So imagine how I feel now having a tech solution for our business clients that enables cash to be handled by a business at over 50% less cost than it currently takes, with greater efficiency and reporting tools that until now has been restricted to card payment tech. Add on the cashflow benefit of same day crediting of funds to your bank account even though the secure collection might be weekly. All this and whilst the savings alone in the efficiency’s/management of cash should cover the costs of the new smart safe solution and secure collections, it’s very likely you’ll also be paying much less than what your bank or the Post Office is charging at a £pence per £100. We’re here to support our clients and our partners clients with all their payment needs. #paymentchoice #independence #paymentsolutions #partnerships #cards #cash

US consumer behaviour around payments is changing fast. As the rise of contactless payments continues, tiptap is there to help organizations raising donations and tips tap into the shift. Are you ready for the continued shift to cashless donations and tipping? Reach out to me or visit: www.tiptappay.com #Cashless #Donations #Tipping #Fintech

An interesting read from the @BBC. A recent survey from the @British Retail Consortium has shown that one in five shop purchases are now made in cash. For many, cash remains a preferred form of payment and a vital lifeline. Payment choice will always be a crucial part of what GLORY deliver.   #accesstocash #paymentchoice

https://lnkd.in/gMQDg2mn Slow Shopping – Joining the Dots Today, I had the pleasure of meeting Karen Richardson and Sophie Halliday from Newcastle Building Society to get an update on the fantastic work they’re doing with the Slow Shopping Charity, as well as their invaluable efforts in the community. It’s truly inspiring to see an organization so dedicated to supporting communities across the North East. One initiative that stood out is the One Banx system, which provides essential banking services like deposits and withdrawals at a time when many banks are leaving our high streets. This service is available to all bank customers, but for those living with visible or invisible disabilities, its importance is even greater. The loss of traditional banking facilities has significantly impacted their ability to manage personal finances. The One Banx system offers a safe, warm, and private environment where individuals can maintain their financial independence and personal agency—critical aspects of one’s sense of self and independent living. A huge thanks to everyone involved in this important initiative! #CommunitySupport #SlowShopping #OneBanx #FinancialInclusion #Accessibility #IndependentLiving #NBS #Dementia #disability

The way out of baby products going to waste: Meet our cashback partner loopi 🚯💚 Parents in Switzerland need to know this: You can now rent your pram for the time you need it. A subscription saves time, money, and nerves while conserving valuable resources. For less waste and a better future! Parents who pay with Clanq get 5 % extra cashback for their child's piggy bank. 💸 #ClanqSwitzerland #cashbackpartner #rentAPram #circularEconomy

Cash is essential and we must protect access to it ! New research reveals that cash use in shops has risen for the second consecutive year after a decade of decline, with 1 in 5 purchases now made in cash. For many, especially amidst the cost-of-living crisis, cash is a vital tool for budgeting and managing finances. This highlights an essential truth: cash remains crucial for vulnerable groups, whether this is the estimated 1.2 million adults without a bank account or particular groups with limited digital access, low income, or vulnerabilities, such as those in poor health or with limited financial literacy. Protecting access to cash and ensuring payment choice is key to promoting financial inclusion for everyone - so it was great to see this case being made by the Payment Choice Alliance and a group of charities at yesterday's Treasury Select Committee. We need to make sure the UK is not left behind in legislating to protect cash access and ensure the financial system works for all. #FinancialInclusion #CostOfLiving #CashMatters #CashAccess

Cash in Retail: A Vital Payment Option for Many… In a world that's increasingly going cashless, the use of cash in retail is showing signs of a resurgence. For the second year in a row, cash usage in shops has risen, now accounting for 1 in 5 purchases, according to the British Retail Consortium (BRC). This shift highlights how, despite the rise of digital payments, many shoppers are turning to cash to better manage their budgets. Interestingly, the average amount spent per purchase has slightly decreased, from £22.43 in 2022 to £22.03 in 2023. While cash use is becoming more common again, it is driven by practical needs, including budgeting during the ongoing cost-of-living crisis. However, the rise in cash transactions also raises concerns about financial inclusion. Charities have reported that people from vulnerable groups, such as those experiencing economic abuse or older individuals, still rely on cash as a crucial means of survival and independence. For many, especially those without access to digital payment methods or skills, cash remains a lifeline. As we move forward, it's essential that businesses and services continue to recognise the diverse needs of all customers. While large retailers are committed to accepting cash, smaller services, from leisure centres to universities, should be mindful of the barriers that a cash-free environment can create for vulnerable people. The debate around the future of cash in the retail sector is more than just about payment preferences; it’s about ensuring that no one is excluded from essential services. https://lnkd.in/ek_CEF67 #economy #business #innovation