Recent power outages in Europe, cyber attacks at major brands and general downtime over recent months have left some people facing dire consequences if they relied solely on online banking and cards.

The Commons treasury committee has warned the government to reevaluate its stance on moving towards a cashless society especially in these emergency circumstances. MPs highlighted the “broader resilience” of cash in these circumstances and urged the Government to take action against businesses declining cash payments.

They warned that the rise of companies only accepting card payments could see this useful transaction method lost.

After hearing from vulnerable communities that rely on cash payments, the Committee’s report noted: “MPs on the Committee believe there may come a time in the future when it becomes necessary for the Treasury to mandate cash acceptance if those who rely on physical cash are not adequately supported.”

A prime example of this came as Portugal and Spain experienced the worst electricity blackout in the nations’ histories.

Card payments couldn’t be completed and a number of cash machines were also affected, leaving some people desperately digging in their couches for spare coins as they didn’t have any means to pay for things until the power returned.

The report also highlighted that recent bank outages had caused a surge in cash withdrawals as well as brutal consequences for customers such as self-assessment returns and other vital bills not being paid on time.

Chair of the Treasury Select Committee, Dame Meg Hillier MP said: “The Government is in the dark on how widely cash is being accepted and that is completely unsustainable. We are at risk of a two-tier society where the most vulnerable bear the brunt and this needs to be a wakeup call.

“As a society, we must avoid sleepwalking into a situation where cash is no longer widely accepted. This is the beginning, not the end, of our scrutiny of this issue. The Government needs to take this seriously.”

A Treasury spokesman told the Telegraph: “Cash continues to be used by millions of people across the UK, and we are working with the banks to roll out 350 hubs by the end of this Parliament so that people and businesses in areas that have lost local bank branches still have access to it.

“We welcome businesses who do want to continue accepting cash, and new rules introduced by the Financial Conduct Authority support this by helping them to make deposits.”