Post Office customers prove cash is king as branches handle £3 billion

Post Office customers prove that cash is still king as branches handle £3.33 billion in notes and coins in May

• Transactions using notes and coins reached an eight-month high last month  

Banks have shut community branches and shops increasingly rely on card payments – but it seems cash is still king at the Post Office.

Transactions using notes and coins reached an eight-month high last month.

Some £3.33billion was handled by its network, marking the highest total since last September, when it was £3.35billion, figures show. 

Business and personal cash deposits totalled £2.48billion in May – a 10 per cent month-on-month increase.

And personal cash withdrawals totalled £817million, which was up by 7.5 per cent month on month. 

Banks have shut community branches and shops increasingly rely on card payments – but it seems cash is still king at the Post Office

The Post Office said the figures underlined the important role of its branches as the leisure and hospitality sectors entered their busiest time of the year.

It has partnerships with more than 30 banks, building societies and credit unions, meaning 99 per cent of bank customers can access their accounts there.

Martin Kearsley, of the Post Office, said: ‘Postmasters continue to provide vital everyday banking services to millions of people and thousands of small businesses each month. In many communities, post offices are the only location where banking can be done.

‘With good weather forecast across the UK for June, postmasters are on hand to support Britain’s pubs, restaurants, ice cream sellers, hoteliers and many others in the hospitality and leisure sector.’

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