Cash will become ‘less useable’ as high street goes contactless, says Bank of England

© Luke MacGregor/Bloomberg Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE) - Luke MacGregor/BloombergCash is to become “less useable” as shoppers embrace the internet and high street stores increasingly reject bank notes, the deputy governor of the Bank of England has warned. By 2021, 85pc of payments were made electronically, through either card payments or bank transfers. The Bank has said it will continue to issue cash “as long as there is any demand for it”. The Bank of England is consulting on a digital pound, which would be the anchor for these cryptocurrencies in lieu of cash. Seven million consumers and three-quarters of a million small and medium sized businesses are using Open Banking products.