The Post Office’s future of cash survey has revealed that half of micro-traders believed that it was important for their business to have access to cash within the local community.

Just under six out of 10 respondents (59%) claimed that they didn’t intend to make the move to a cashless business model in the near future, while 54% of those who stated that they didn’t expect to go cashless within the next 18 months said that this was due to their customers wanting to pay in cash.

The study of more than 1,000 micro-traders from across a range of sectors and regions found that these smallest businesses handled an average of £731 a week in cash – the equivalent of £4bn across the UK.

Over half of micro-traders (59%) claimed that cash was still one of the most commonly accepted methods of payment.

“Despite the increased use of digital payments, our research highlights that the debate on the future of cash should not be about one form of payment replacing the other, but instead looking at how micro-traders balance their use of different methods alongside one another,” said Martin Kearsley, director of banking services at the Post Office.

“It is vital that the smallest businesses – the lifeblood of local economies – continue to have access to cash and banking facilities to help them run a successful business