Security company G4S is set to axe around 1150 at its UK and Ireland cash handling business amid the shift to digital payments during the Covid-19 lockdown.
The losses represent about a quarter of G4S's workforce at the cash solutions unit, which has been hit by the UK's transition to card payments.
The company wrote down the value of the cash business by £291 million in 2019, resulting in a loss for the year.
The Covid-19 pandemic has accelerated the trend away from cash usage. Recently MPs from across the House of Commons called on the Chancellor to act now to protect the UK cash infrastructure from imminent collapse, as people shun ATMs due to the outbreak.
Commenting on the G4s news, Roger Jenkins, from the GMB union says the job losses are "another worrying step towards a cashless society - the cash industry really is on a knife edge".
He adds: “GMB is calling on the government to take action to protect the cash industry and all those who will be hit hard if it disappears.”