What are everyone’s thoughts on it? I can understand it (almost) for the big legacy banks, but not sure it applies for the likes of Monzo and Starling!
To be fair, I am a huge fan of being cashless, and don’t mind it going completely that way in the future.
We live in a time when the consumer now notice issues with the old ways banks used to generate revenue, e.g. bounce charges, account fees etc… And many often claim back these in their masses, so I guess they are diversifying into ways to keep staying in profit without trying to directly introduce new ways of charging fees?
Maybe I’m just falling into the category of people that have been “tricked” to think it’s good.
Currently been cashless for 2 months… life hasn’t been simpler… although saying that, was in a pub the other day and they wanted £10 minimum charge… so bought more beer… so only good things have happened… right?
I guess this can be really dependant on where you live, Im city centre of Manchester based and there is a growing trend of places that are the opposite, and actively refuse cash…
If you had the choice of places taking ONLY cash, or ONLY card, which would you go for?
I get your frustrations right now (about card not being accepted at some places), but for me, that just tells you those businesses need to seriously update their payment systems, and get on board the card society!
I work in retail. We get a fair few elderly customers who mention they’ve just been to the bank/ATM to take out money to buy whatever they’ve brought to the till. I never have the heart to tell them they could just eliminate that step and pay with their card.
I guess cash always had the benefit of knowing how much you had to spend because that’s physically what you have in your wallet/purse. But now that it’s getting easier to see changes to your balance instantly (or fairly instantly) on your phone I don’t really see the need to go to an ATM.
I’m genuinely excited for the day we finally go cashless, I just don’t really have a good reason as to where cash could be more useful.
unfortunately I don’t exactly live in a big town so there are still a few local locations that cash is still required even though there are plenty of inexpensive card readers available. It’s really one of the real reasons why I love the big cities, no matter where you are or what you’re buying 99% of the time cards will be accepted.
And yes there is always a problem with service outages that will cause a few hours at an inconvenience but it happens.
This has always been my parents argument towards going cashless, I genuinely think it’s more of a trust issue than anything else. I always ask them If they know their balance when they say that but they never do.