A cashless society: can Sidmouth adapt?

From shared bank hubs… to mutual banking… to the virtual high street…

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The Telegraph reports today how people are returning to cash to help them budget:

Households return to cash to beat cost-of-living crisis (paywall)

However, it looks as though it’ll become increasingly difficult to withdraw cash:

Fears of cashless society grow as seven in 10 ATMs could start charging… or face the axe  | Daily Mail Online

You might soon have to pay to withdraw money with 70% of free cash machines set to close – Chronicle Live

It appears, though, that it’s a pretty dangerous thing to withdraw cash from ATMs anyway, according to a report from the Express yesterday:

Barclays issues stark scam warning to cash machine users | Personal Finance | Finance | Express.co.uk

We do seem to be moving to a ‘cashless society’, then.

This is something which has been gaining – with this report from 2019:

Cash machines disappearing from our high streets – Vision Group for Sidmouth

There are implications for key sections of Sid Valley society, though:

A cashless society, small businesses and the elderly – Vision Group for Sidmouth

The government is clearly concerned, with the publication of plans earlier this summer “to ensure consumers and businesses have a legal right to withdraw and deposit cash within “a reasonable distance” of their home or premises”:

The future of cash: share your experiences – Vision Group for Sidmouth

And one way of ensuring this might be the setting up of ‘hubs’:

New shared bank hubs to open across the UK as insider warns cash is disappearing at frightening rate | Daily Mail Online

This is something which has been looked at for Sidmouth:

South West Mutual bank comes to Sidmouth > ‘get involved’ and sign up for the bank’s newsletter – Vision Group for Sidmouth

Finally, the high street might have to adapt – and adopt cashless in a modern and dynamic way, especially if it is to survive the online retail giants:

A virtual high street for Sidmouth? – Vision Group for Sidmouth

   
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