Co-op breach a ‘stark reminder of why cash remains essential’
The disruption to card payments at Co-op stores last week is a warning to Brits on over reliance on digital payments, according to a leading consultancy firm.
The Co-op shut down parts of its IT systems last week and suspended contactless payments at nearly 10 per cent of stores after detecting a potential breach.
“The disruption to card payments at Co-Op stores earlier this week, following a suspected cyberattack, is a stark reminder of why cash remains essential today.
“As digital transactions dominate more aspects of daily life, we risk overlooking the fundamental resilience that physical money offers during periods of major disruption,” Chris Jones, managing director at PSE Consulting said.
But the tide is steadily turning against cash: 15 per cent of Londoners “wouldn’t consider shopping at a cash only business” and one in 10 have “completely forgotten their PIN” thanks to contactless, according to fintech Sumup.
Two thirds of Londoners said that they have changed the way they make payments over the past year, with over a quarter switching to more digital payments including apps, contactless, or digital wallets, Sumup found.
“While cash usage continues to decline across Europe, events like this reinforce why maintaining robust access must remain a priority… In emergencies, cash becomes more than just a payment method; it is a vital safety net,” Jones said.
“Cybercriminals follow the money and the path of least resistance. Right now, it’s very clear that the UK retail sector offers both.
“With high volumes of transactions, valuable customer data, and increasingly digital operations, super market chains have become prime targets for bad actors,” Shaun Cooney, tech head at cybersecurity firm Promon, said.
UK retailers processed over 48bn payments in 2023, a significant increase on the previous year.
“As we continue to move towards a more digital economy, policymakers and businesses must not lose sight of the need for balance,” Jones said.
“Protecting access to cash isn’t just about supporting vulnerable groups — it’s about ensuring the whole economy can function when digital systems falter. These retail payments outages are a clear reminder: in times of crisis, cash still counts.”