Consumer Group Warns Over Move To Digital Payments

Law360, London (June 1, 2021, 5:03 PM BST) -- A consumer campaign group has warned U.K. regulators that a move away from cash to digital payments could cause harm to many consumers if the transition is not properly handled.

The organization Which? issued the warning on Monday in response to a global payment trends report by financial services business FIS Inc. that noted cash was used for just over 20% of global point-of-sale volume in 2020, a 32.1% reduction from 2019. FIS said cash use at the point-of-sale in Europe declined by 33.6%, while the U.K. registered a 51.1% fall. The study linked the steep fall in transactions globally to the...

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