In an increasingly digital world, the push towards card and contactless payments has never been stronger. However, here at Hoyle’s, we firmly believe in offering our customers the freedom to choose how they pay - including with cash.
The Importance of Payment Choice
Cash remains a vital payment method for millions of people across the UK. According to a June 2023 YouGov survey commissioned by the Payment Choice Alliance, 71% of British adults want legal protection ensuring they can spend their cash wherever they choose. Additionally, over 90% of those surveyed reported that they still use cash, whether occasionally or frequently.
The need for cash remains particularly pressing for:
- Older individuals – Many elderly people either prefer cash or find digital banking difficult to navigate. It's right that cash is still available to them to use, wherever they want to use it!
- Children and young people – Under-14s cannot legally have credit or standard debit cards, and cash plays a crucial role in teaching financial responsibility and budgeting. While some prepaid cards, like GoHenry, do exist for younger children and are a great way to introduce children to digital banking, cash remains an important tool for learning money management and budgeting.
- Tourists – A significant number of international visitors to Oxford, especially younger summer school students, arrive with cash to spend in spring and summer months. It makes no sense for us to refuse them!
- Unbanked individuals and households – Over 3 million families in the UK do not have a bank account, making cash essential for everyday transactions. That also includes the homeless, who face some of the greatest barriers to financial inclusion. Without a fixed address, it is often impossible to open a bank account, making it even harder for them to access wages, benefits, or basic financial services. This lack of access exacerbates their vulnerability, making cash their only means of participating in daily economic life. Ensuring cash remains an option helps to prevent further exclusion and hardship.
Cash Usage at Hoyle’s: There Is Still Strong Demand
At our shop in the heart of Oxford, we continue to see strong demand for cash payments. While around 20% of our customers pay with cash daily as a baseline proportion of total spend, this number doubles to 40% during the busy summer months, thanks to the influx of tourists. By accepting cash, we ensure that everyone - locals and visitors alike - can shop with ease.
The Bigger Picture: Why Cash Acceptance Matters
Cash also has a key advantage for businesses - lower costs. Every time a card is used, we have to pay processing fees, which can add up significantly over time. By accepting cash, we avoid these extra costs, which helps us keep our prices fair and competitive.
Maintaining a robust cash system is also critical for economic resilience. Digital payments may be convenient, but they aren’t infallible. Power outages, network failures, and cyberattacks can disrupt card transactions, leaving businesses and customers unable to complete purchases. We've experienced every one of these issues at Hoyle's. Cash provides a secure backup in these situations, ensuring that transactions can continue even when electronic systems fail.
Access to cash matters.
Public access to cash remains a growing concern. Bank closures and reduced ATM availability make it increasingly difficult for people to withdraw money. To ensure cash remains a viable option, we support:
- The reversal of bank closures.
- The (re)introduction of more ATMs, particularly in underserved areas.
- The ability to withdraw cash from all post offices.
The Reliability and Privacy of Cash in a Digital World
Beyond reliability, cash also plays a crucial role in protecting personal privacy. Digital transactions generate vast amounts of data, often collected and analysed by corporations and financial institutions. Maintaining the ability to use cash ensures that individuals retain control over their own financial data, should they choose to exercise it, allowing them to make purchases without being tracked or profiled. This isn’t about resisting progress—it’s about ensuring that people have the choice to maintain financial privacy if they wish.
Our Commitment
We believe payment choice should be protected. Just as customers can opt for card, contactless, or digital wallets, they should always have the right to use cash. At Hoyle’s, we remain committed to providing that choice - because how you pay should be up to you.
Whether you’re a regular customer or a first-time visitor, rest assured that we welcome both card and cash payments. Thank you for supporting independent businesses and helping to keep payment choice alive.