New calls for all businesses to accept cash payments as matter of ‘national security’

New Calls for Businesses to Accept Cash Payments as a Matter of ‘National Security’

A new online petition has been launched calling on the UK Government to pass a law mandating all businesses to accept cash payments. Christopher Martin Jones, the creator of the petition, argues that it is crucial for national security to ensure the right to pay for goods and services with cash. The proposal also suggests introducing penalties for those who refuse cash payments.

The petition emphasises the risks associated with a cashless society, pointing out the potential collapse that could arise from disruptions to digital payment networks or electrical power networks. It raises concerns about vulnerabilities to cyber attacks and solar storms, such as the historic Carrington Event.

The petition titled ‘Require all businesses and public services to accept cash payments’ has garnered significant support online, approaching the 10,000 signature threshold on the UK Government’s petitions parliament website. Upon reaching 100,000 signatures, the petition will be considered for debate in Parliament.

Recent statistics from the British Retail Consortium (BRC) reveal a rise in cash transactions for the second consecutive year, accounting for nearly 20% of all transactions in 2023. Despite the increase in cash usage, debit cards remain the predominant payment method, representing about two-thirds of transactions.

Retailers continue to face growing card fees, with the total amount paid in card fees reaching £1.64 billion in 2023, an increase of over 25% from the previous year. Chris Owen, a payments policy adviser at the BRC, highlights the impact of inflation and the cost of living crisis on consumer behaviour, leading many to opt for cash payments to manage their budgets effectively.

The push for businesses to accept cash payments comes amidst a broader conversation around financial inclusion and the resilience of payment systems. As digital transactions dominate the market, ensuring the availability of cash as a payment option remains crucial for safeguarding consumer choice and economic stability.

In conclusion, the growing support for the petition underscores the importance of preserving cash transactions in a rapidly evolving digital landscape. As discussions continue on the future of payment methods, balancing innovation with the resilience of traditional payment options will be vital to meet the diverse needs of consumers and ensure the robustness of the financial system.