Seeing quite a few shops post that they will no longer take cash due to COVID-19 do we think this will be the start of the end of cash?
4 Likes
Same at our previously cash only work canteen last week. Would like to believe so, but cannot see it personally. Lots of inertia and weird nostalgia. I mean some people are even getting all âblitz spiritâ about viruses right now, especially the cash core audience
2 Likes
What they donât realise is that in this case, they are the Luftwaffe.
No, I think over time there will be shops that figure out procedures for safely handling cash, because they will still have to accommodate a large number of people who can only pay this way, such as the elderly.
6 Likes
Aside again from wisty fumes of nostalgia, I am never quite clear why the elderly are quite so attached to cash. I mean my aged grandparents, all too recently rest their souls, loved a big and rather evocative pocket of coins throughout my childhood, but they did still pay on card regularly. Donât benefits get paid in direct to bank accounts these days? Genuine question
In my experience* itâs because they find it easier to budget with cash. Pension gets paid in they draw it all out, and then they can physically see how much theyâve got to last until the next payment.
ETA: *conversations with customers while trying to encourage them to use our self-service card payment machines instead of approaching staff.
4 Likes
My Gran always used to use card I think she would have loved Monzo!
5 Likes
Yes, pensions and benefits do get paid in directly to bank accounts these days (just like salary payments) so itâs not like the money starts as cash, effort has to be taken to draw it out.
I think it is a mix of nostalgia and how older people have always done things, so they think âwhy change nowâ? I believe the first U.K. debit cards only came out in the early 1980s, credit cards were much earlier in the late 1960s, but a large number of people (not even necessarily the old) still believe it is somehow wrong to pay for small amounts by card.
2 Likes
I can see the benefits of using contactless payments using cards but the banks need to act quickly and increase the contactless limit to avoid use of the keypads for pin entry during the coronavirus episode.
1 Like
Picked up a takeaway tonight and their contactless take away method also included a toothpick to put you pin number in. I though this was genius!
4 Likes
If you use Apple or Google Pay, then you donât need to worry about the limit 95% of the time (some terminals still run older software which doesnât recognise the CDCVM technology which allows this). So really that is best as no need to worry about SCA (it counts as authorised) or the contactless limit.
I believe that, for many people, the coronavirus may have a significant impact in driving them towards these sorts of payments. It brings to mind the concept of ânudge theoryâ, which is basically the idea that a small nudge can result in a significant change in behaviour. Itâs often applied in behavioural economics, for example. Right now, due to the virus, people are questioning how they can avoid contact as much a possible. Things which may not have made them think twice before, such touching lift buttons or cash, are now something they are considering afresh. I think we will see this leading to far greater use of contactless in general, as it is the logical way to pay with the least contact. It just takes a significant event to jolt the majority out of their usual habitual behaviour. The coronavirus may well be that event, and see cash killed off even sooner than previously thought.
Itâs not just the elderly. Itâs people of all ages who care about homelessness, privacy and migrants more than a little convenience.
1 Like
My partner has a definite affinity with cash.
She does 99% of her banking on line, but still likes to have physical money in her purse.
Yes, at the moment, she is using card payments more than normal, but as soon as this is over, I know she will go back to the folding stuff.
This isnât because of any trust issues or old fashioned ideas, she just like cash 
1 Like
I think there probably a lot to be done for the small retailer. Many will be stuck on bad deals, and many of the average deals I suspect arenât econmocial compared to cash for transactions under a few pounds.
Perhaps this is something that Monzo can help with as a product for businesses, either as a traditional card payment provider, or âPay by Bank Appâ
For purchases the main town post office in Crewe, located in WH Smiths, was only accepting cards this morning. Accepted Monzo without problem for a purchase of Stamps
2 Likes
My local village shop went card only until further notice.
Petrol station near work has been card only since 1st april.
This virus is the end of cash, older people are going to get used to paying by debit card or credit card as there is no other option.
Work canteen and vending machines have been card only since march.
1 Like
I very rarely have cash on me. The hairdressers I use is a bit retro and is cash only, but I wonât be going there for a while to see if that changes.
I canât see the change hurting me too much, I remember the days of being frowned at paying with a card for something under ÂŁ5, now Iâll do it for something thatâs 50p with no hesitation.
2 Likes
The coffee machine at work lets you put a 30p coffee on card
My monzo feed when iâm at work looks great.
2 Likes
But then it doesnât round up!
#FirstWorldProblems
Iâve never got why buisnesses like that donât use sum up or izettle to take cards.
Bank transfer makes it better for them as theres no fees but it requires the customer to bank online and there are alot of older people who donât.
We need to make cashless work for everyone.
2 Likes
With what some banks charge for cash deposits it must be approaching the cost of taking cards.
Then getting change and the time it takes to deal with the cash.
2 Likes