It’s easy to think of cash as outdated and inferior to card/digital transactions, but this could leave out some of the most vulnerable in society:
Read other articles on this recently. Bank of England are ‘committed’ to keep cash around for a while but guess as technology progresses, things like cash machines will phase out, naturally. Hopefully in a balanced way.
The quicker people are ‘forced’ digital the better in my opinion,
It will move people towards digital services in general like NHS digital , local council online services and reduce strain on services and budgets,
Private services are already shutting down at a quick rate such as the post office and the high street, and making people manage their money online can only be a good thing, could save them upto £500 a year on bills being banked and online , and will also allow for more shopping around on utilities helping people massively.
Not to mention the affect that it is having on small/medium business that rely on cash!
I know a few older people who pay for everything in cash and don’t use the internet.
They’ve been forced by certain providers to go to direct debits rather than paying in cash via the post office. Has it done them any harm? Not really, it’s just forced them out of the “I’ve always done it this way” mentality.
Eventually they’ll be forced to ditch cash altogether but I don’t think by then it’ll bother them
https://youtube.com/watch?v=0RGLxh86MS0 - This was a great (Monzo hosted) discussion on the topic and changed my mind on the issue - in favour of keeping cash around.
It would be very silly for any business to solely rely on cash. They can’t be doing too bad if they can afford to be picky about how they get paid.
Is there any real reason to rely solely on cash as a business? I can think of one reason
Because the bulk of your customers prefer it would be one. My partner is in exactly this boat. That plus the overhead of a ‘card machine’ isn’t worth it as most customers WANT to use cash.
Alot of “CashZone” atms here are now starting to charge 95p per withdrawal
Its caused alot of uproar in the smaller rural towns, I wonder how those people would take the news Monzo customers also have to pay £1 to put money into their account.
Writing truly is on the wall with cash, whilst its not my preferred option its sad to think its being pushed out as quickly as it is
EDIT: adding article for those interested
Its a weird one because the main reason I don’t carry round cash is because at some point invariably I’m left with loads of coins and sums of money that I just can’t use efficiently. Whereas with cashless, it doesn’t matter.
However, there will be some (and not just the older generations) that simply don’t have a smart phone, no want to go digital, or no ID to open a bank account/ digital bank account.
It appears that not enough is being done to help integrate those who aren’t yet in the digital sphere and its a “sink or swim” environment.
I’d be interested to know if the majority of push payment fraud and circumstances where accounts are compromised come from those who are less tech “savvy” - my guess is that they are.
I’d genuinely love to know what type of business has a customer base who prefers cash?
Where did I say explicitly that small/medium business ‘solely’ rely on cash. I just stated that from first hand experience in the business environment many small business rely on cash to keep a positive cash flow and pay suppliers etc.
Either way it isn’t good business to rely on one form of payment
Unless it is something like what @ChrisBeldam is inferring
Mobile dog groomer if you must know. Most customers are not well off and so prefer cash. Some do bank transfers. But cost of a card reader is prohibitive for the volume.
Many other self-employed people in a similar boat too. It’s not unique.
Interesting! Can’t say I would know as I don’t have a dog. So you learn something new everyday
And the business in this case takes payments that the CUSTOMERS dictate. So… there’s that to consider too.
For the £2million+ people without bank accounts, it’s not just a question of changing habits. It’s very easy for those of us with easy access to banks and technology to say it will be great to get away from the hassle of cash. But there are whole sections of society that don’t have the flexibility we have, and risk being at a further disadvantage as cash is pushed out.
Oh for sure there are plenty of people who are currently unbanked who will suffer. I was mainly referring to those who are currently banked but choose to use cash
I try to deal without cash because if I have spare change on me I find it too easy to spend.
But for some, particularly older people, going into the bank of going into a shop to pay a bill or a prepaid gas card etc is part of their social routine