Published: 15th Nov 2019

According to a recent report, a cashless society could lead to over £5bn less for charities, as currently over half (53%) of donations made with cash.  Global Payment Trends reveals that cash payments are declining around the world, with eWallets, bank transfers, and credit cards becoming the most popular payment methods over the last year. According to the research, a decline in cash could cost religious organisations £1bn, overseas aid £588m and children’s charities £481m each year. This decline would have a detrimental impact on vulnerable members of society, including an estimated 5.2 million elderly households and 1.252 million people who struggle with digital payments due to poor physical or mental health. A cashless society could also lead to a drop in charity funding, the report shows that cash has remained the most popular method for making donations over the past year, despite dropping from 55% in 2017 to 53% … (To read the full article, subscribe below)