[Finance] A Cashless Society.

[Brightonfan1983]

Just for transparency, the report the BBC refer to was either commissioned or financed by Link, the cash dispenser company.

... "but was independent from it."

 

[Brightonfan1983]

Apologies if someone else has mentioned this already but when was the last time a discount was available for cash? Outside of tax avoidance?

Agreed, perhaps it doesn't sound like it'd happen in today's monetised society, but it was the early '90s, reputable dept. store, for a Samsonite case. Still use it.

 

[Springal]

Not quite the same, but anywhere offering 0% finance for things, if you offer to pay in full negotiate 5-10% discount. 0% finance is usually paid for by the retailer

 

[Jim in the West]

It’s already pretty difficult to use cash in Sweden, from personal experience.
And the convenience of not having to take cash when you travel is significant…I’ve recently come back from a brief trip around Northern Europe (7 countries in 8 days)…didn’t need cash anywhere!

 

[Sid and the Sharknados]

Apologies if someone else has mentioned this already but when was the last time a discount was available for cash? Outside of tax avoidance?

Are you suggesting that the garage I take my car to isn't entirely above board?
I've never thought to question why the price for paying by card is exactly 20% higher than the price for paying by cash.

 

[Seagull27]

My bank does virtual credit cards but not virtual debit ones (although that may well change soon), so not much good to me.

I'm sure that there will be a greater push to a cashless society but I think it will take longer than people think.

Sounds to me like your issues are more to do with your bank not being up to date with latest technology. If it's important enough to you, just switch banks?

 

[Seagull27]

If you pay by cash. You can`t go overdrawn and spend money you haven`t got. I take cash and spend to the limit of the cash I have. I like a drink in pub and know I`d sometimes spend and drink more than I should with a card. I do have a credit card but it is rarely used. I go to cashpoint regularly and take out what I want or can afford.

For me it's the other way round: if I take £50 cash out then I'll just spend it all, whereas on my bank card, I get a notification on my phone every time I use the card, reminding me how much I've spent that day. I can also set budgets for certain types of spending each month, so I know how much I can afford to use up on a night out. It gives me much more visibility and control of my money than when I used cash (which I use maybe once a month now, if that)

 

[danish seagull]

Car boot sales………can’t see these being cashless?

Frequent many in Copenhagen and all cashless, including the small coffee or hotdog stalls. Pay with Danish MobilePay - job done

 

[Gwylan]

Sounds to me like your issues are more to do with your bank not being up to date with latest technology. If it's important enough to you, just switch banks?

But it's not important enough to me. I'm quite happy with things, I have no problem in carrying some cash with me. And, as has already been pointed out, if I lose my card I can get plenty of cash. The problem would be if all shops stopped taking cash and if we ever got to that stage (and I think it's some years off), my bank would be well ahead of the game.

 

[Westdene Seagull]

My local newsagent incurs a 5p charge for each card transaction. He only makes 5p profit on the sale of a newspaper, so if somebody pops in to buy a paper only and uses their card he makes nothing. He is giving up his lease at the end of the year because of the costs.

The only problem there is that he isn't actually allowed to charge for debit card use.

 

[sparkie]

Cash is better in a power cut. Or a cyber attack. But don't rush to the powerless ATM. Lol.

 

[Garage_Doors]

Pretty much the only time I use cash now are the barbers, our card nights and fishing match entry fees. Don’t even carry any most of the time. Keep my various cards with my phone so don’t use a wallet any more either.

So if you drop your phone, (breaking it) or stolen what the back-up plan?

 

[Justice]

So if you drop your phone, (breaking it) or stolen what the back-up plan?

It’s easy done I’ve left my phone in the wholesalers a pub toilet, and a casino. Luckily it’s been handed in every time.

 

[dazzer6666]

So if you drop your phone, (breaking it) or stolen what the back-up plan?

If I break the phone I’ll just use the cards. If I lose it then I have at least one back-up card (different account) at home. Not really any different to anyone who had all their cards and cash in a wallet and loses that.

 

[zefarelly]

I've always got cash.

all small transactions in cash srtill.

I loathe the fact there are parasites on the make not doing anything for it other than providing an unwanted service which serves no purpose but to extract it from those who need it most. I gave the barber £15 . . . He charges £13. . . f*** all for 1/2 hrs work really, with a shop To cover. If I'd pay by card and not tipped him, he'd be getting 2 pints in the pub not 3 . . . . If he paid for those by card the pub would be down too. Same could be said for food at the market etc.

if cash is phased out, a new system of bartering and credit etc will appear. . . .

 

[Herr Tubthumper]

Car boot sales………can’t see these being cashless?

Why not? If a guy selling half-and-half scarves at Brighton station can do it anyone can. All you need is a smart phone and a little plastic square card-tapper thing.

 

[Herr Tubthumper]

I have mentioned this before but the 'black' economy if quite open and prevalent in Berlin. It always amuses me when cafes and bars' card machines are mysteriously out of action at the end of the month.

 

[dazzer6666]

I've always got cash.

all small transactions in cash srtill.

I loathe the fact there are parasites on the make not doing anything for it other than providing an unwanted service which serves no purpose but to extract it from those who need it most. I gave the barber £15 . . . He charges £13. . . f*** all for 1/2 hrs work really, with a shop To cover. If I'd pay by card and not tipped him, he'd be getting 2 pints in the pub not 3 . . . . If he paid for those by card the pub would be down too. Same could be said for food at the market etc.

if cash is phased out, a new system of bartering and credit etc will appear. . . .

It’s already passed a tipping point though (which Covid accelerated leaving people with less of a choice - many places are now ‘card only’), hence the explosion of sum-up machines (typically carry about a 1.6% charge and the machines can be free with no monthly charge either) attached to mobile phones in so many small retailers. You can also tip using a card………

 

[Springal]

It’s already passed a tipping point though (which Covid accelerated leaving people with less of a choice - many places are now ‘card only’), hence the explosion of sum-up machines (typically carry about a 1.6% charge and the machines can be free with no monthly charge either) attached to mobile phones in so many small retailers. You can also tip using a card………

Exactly - especially as banks charge businesses about 1% to pay in cash, hassle of transporting it, keeping it on site, risk of fake notes etc.

There really isn’t anything in it financially - certainly not the ‘cost of a pint’ on a £15 haircut

 

[Perfidious Albion]

If the world was cash less, I just wonder how you would ;
Leave money under a brick for the window cleaner?
Drop 50p in a collection bucket ( ok I am a chepskate)
Buy something for under a £1 ?
Give children pocket money?
Last time I tried buying a single soft drink on a debit card I was told that a minimum £5 charge limit applied.