How can Monzo and the banking industry help the elderly go cash free?

There has been a lot of discussion recently both on this forum and in the news about the decline in cash use. Quite rightly there is a lot of concern about how this impact the elderly who rely on cash. Particularly with the decline in ATM machines and of rural post offices.

The response seems to be we need to safegaurd access to cash and the ability to pay by cash to protect the groups who rely on cash.

It is obviously essential that the banking industry does not leave anyone behind or make financial transactions difficult for anyone.

However I have been thinking whether safegaurding access to cash is the best long term solutions. Don’t we need to make debit cars and contactless more accessible to groups that don’t currently use it and don’t have a smartphone.

How can we break down the barriers to having a society with less cash. One main concern is how people who don’t have internet/ smart phone keep track of their money if they don’t use cash.

Here are some of my ideas and would be interesting in knowing if anyone else has any ideas. I can see challenges and issues with all these ideas though.

  • Print bank balance info on shop receipt (issues with privacy here)
  • Device in shops for viewing bank info. As would not contain cash would not need to be as expensive or bulk as ATM
  • large as possible E-ink display on card that displays balance (expensive, technology and battery issues)
  • A simple device for the home where you touch you debit card and it shows banking infomation. Large screen, text to voice etc,

Or making sure access to banking apps is as simple as possible, with minimum requirements for usernames and passwords.
Like Monzo does with email logins and simple screens etc.

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@robsug - Yes that is certainly important but I was mainly refering to people who have no access to a computer or smartphone and don’t know how to use one.

@Eden I have certainly heard the concerns about freedom and depending too much on two companies (VISA and Mastercard). I personally have no concerns about this but understand why some people do.

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There is no way my Nan would use anything other than cash.

Which is essentially why ‘cash’ as a concept of promissory exchange, social trust, and storage of value, won’t ever go away, no matter how often everyone barks on about the “cashless society”.

There will always be a need or desire to transact privately outside of the banking system. That’s how ‘cash’ evolved, and if ‘cashless’ is ever forced, society will simply just re-invent a system of promissory exchange, social trust and storage of value, aka ‘cash’ again.

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I know this thread may well run & run, but if it doesn’t, I’d say the posts above pretty much encapsulate both ends of the argument . Neat :grinning: