However, while the research acknowledged that digital payments make life easier for many, cash is still vital for some consumers in the UK.
It detailed that 3.1 million adults used cash to pay for everything or most things in the 12 months up to May 2022.
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The research explained that cash remains particularly important for consumers with vulnerable characteristics and many small businesses.
"We recognise therefore that if the pace of change is not managed sensibly, those customers reliant on cash could be significantly affected," the research added.
tom.dunstan@ft.com
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