So much so that it has unveiled plans to start to redesign local bank notes to incorporate King Charles III, and declared there is no need to consider a law to protect the right to pay with cash.
Use of paper money is near an all-time low, which has prompted Jersey’s Economic Development minister to campaign to protect the right to use it.
Deputy Kirsten Morel is considering taking a proposition to the States Assembly to provide legal protection for cash transactions to make sure nobody would be forced to go cashless.
Policy & Resources has said it did not believe it was a priority to legislate to protect the right to use cash.
‘It is positive for our economy that our local currency is still so well used and the committee continues to monitor this,’ said a committee spokesman.
‘That said, and while this is an important issue, at this time the committee is needing to focus on more urgent priorities, including addressing the island’s significant housing challenges and, therefore, is not in a position to discuss this in more detail.’
The latest data from the UK has shown a surprising reversal in the use of cash. Cash payments increased last year for the first time in a decade, rising by 7%, to reach payments worth £6.4bn, despite a growing number of businesses going card-only.
There was approximately £52m. of Guernsey currency still in circulation at the end of last year.
Guernsey Community Savings chairman Peter Neville said it would support a campaign for the right to use cash to be protected in law if one was launched locally.
The charity helps arrange access to basic bank services for anyone who is unable to open an account. More than 150 people have so far benefitted from its support.
He said that without a bank account and debit card it was difficult to purchase goods and services locally as more retailers moved away from cash.
‘Our vision at Guernsey Community Savings is that no-one in Guernsey should be financially excluded from being part of our society,’ said Mr Neville.
‘But our main focus will continue to be on arranging access to bank accounts for islanders who have been financially excluded from society because they couldn’t open one, or because their account has been closed.’
Recent UK data has showed that the number of people in the UK described as living ‘largely cashless lives’ – which is defined as either using no notes or coins at all, or using them only about once a month – fell to 21.6m. in 2022, having hit 23.1m. in 2021. That is about a third of the UK population.
Cash can still be used in nearly all places locally, although bus fares can only be paid for by using a bank card or puffin card.
You need to be logged in to comment. If you had an account on our previous site, you can migrate your old account and comment profile to this site by visiting this page and entering the email address for your old account. We'll then send you an email with a link to follow to complete the process.