Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said:

'The ability of consumers and businesses to pay, and be paid, is fundamental to how we all live our lives. With technological progress, we are constantly seeing new and innovative ways to pay.'

'But, while its use is declining, cash remains a crucial means of payment for many, and often the most vulnerable. We welcome today’s review in highlighting these issues and setting out potential solutions.'

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