[Finance] The end of Notes and Coins?

[southstandandy]

Got me thinking how little I use cash these days too.

Taxi's, barbers, newsagents for a small amount, my old man's gardener, and general tips is probably all I use it for. Even pocket money for the nephews gets done by bank transfer now they are old enough to have accounts. Some old cash might be worth a bit in years to come. I've still got an old £1 note somewhere!

 

[jakarta]

Oh God cheques. Yeah they should be banned.

Cheques will go when the demographic that used them all their lives passes on. My wife was in the West Chiltington Arts Society (nice middle class organisation, virtually all members were retired ) and used to sort out subscriptions. 95% were cheques and 5% cash, they didn't do electronic payments

Branch has actually folded now due to the fact they are literally a dying breed and she has had to go to Fittleworth which as a much younger (around 65-70) membership.

Getting back to the original point my company chequebook has not been used in several years.

I think I got paid one by a Client last year, felt like framing it...

 

[dsr-burnley]

Can't think of ANY advantages to cash anymore. Dirty, risky, pointless and not financially the best option for anything.

It's a lot easier for an individual to receive money by cash.

 

[jakarta]

Depends. You need to have the cash on you for starters - and the exact notes/coins.

I find it considerably easier to pay friends and acquaintances via banking app these days.

Expect there will be even more convenient ways of transfering money via smartphone apps soon. Google/Apple/Samsung Pay apps and others are evolving rapidly evolving, as are the banking apps.

Suspect cash transfers between individuals in the future will simply by tapping in an amount and touching phones via NFC or similar.

Which can be traced by someone - we are having a bit of building maintenance done shortly at Jakarta Towers - I'm guessing he will want 200-300 quid and will be very happy to take cash for the work.

 

[Rogero]

My local corner shop will only take cards over £5.00 as he says that it costs him too much . How much is a business charged?

 

[Gwylan]

Was shopping this morning, pretty much every place I went to was cash only.

I'm also walking around with a cheque that I have to pay in - the bank queue was massive when I went to pay it so I'm going to go at a quieter time.

We have a long, long way to go before we finish with cash and cheques (although I note that buses no longer accept cash, the bloke behind me was turfed off because he was trying to pay in cash)

 

[Weststander]

This will hugely hasten the end of cash.

The Amex Stadium was already going cashless wasn't it? Now there'll be less annoyance about it.

 

[Rogero]

A couple of years ago I was at Gatwick airport car park and Visa had gone down. I was lucky as I had cash could pay car parking but there was a queue of people not knowing what to do.

 

[Nobby Horton's Knob]

Never thought i'd see the day where cash is actually inconvenient to use. I was in Lidl a few days ago and because i was using cash, i had to join a longish queue , whilst the self service machines ( card only ) were all free. Sign O the times i guess...

 

[BN9 BHA]

I wish all my customers would ..but still get cheques ..cash ..even some managing agents insist on a cheque

Do you take card payments?
I have been trying to move away from accepting cheques, I got a card reader last year and most people are happy to pay this way.
I also have printed invoice books in duplicate with bank details on for bank transfer payments.

 

[GREASED WEASEL]

at first glance I thought this thread was about the end of Notts County

had too many already

 

[Seasider78]

With online banking, contactless through your cards and phone I have not had notes or coins on me for a good few years. Makes me feel guilty when walking past the bucket shakers though as never have any change to put in them

 

[Swansman]

We have a long, long way to go before we finish with cash and cheques (although I note that buses no longer accept cash, the bloke behind me was turfed off because he was trying to pay in cash)

Once it gets rolling it could go really quick though, this is the % of people in Sweden who used cash for their last transaction - a really huge decline.

The game changer was a payment app released in 2012 called "Swish" and 80%+ now got it, and it is now the go to method if you cant use your card (we dont have any 'cash only' stores left, but on flea markets etc.). Even drug dealers accept Swish.

I think the same thing will happen globally and that smartphone apps will be the no 1 or 2 way of paying things, at least until we're all microchipped.

 

[Super Steve Earle]

Only time I use cash is the barbers. Reckon that's the same for a lot of people!

King Fish, fish and chippy in Henfield. Cash only.

 

[Norman Potting]

What will the tooth fairy do?

 

[schmunk]

Only time I use cash is the barbers. Reckon that's the same for a lot of people!

My Barber has a card machine and also allows bookings via a website, paid online.

 

[Hugo Rune]

My local corner shop will only take cards over £5.00 as he says that it costs him too much . How much is a business charged?

It used to be 25p-45p for a lot of small retailers a few years ago but the market flooded with competition and costs went down. It’s possible some retailers would be on old charging plans but 1p-5p per transaction is typical now.

I suspect that your local retailer is just trying to get people to spend over £5, we’re not meant to be convenience shopping so he may have a point.

 

[The Wookiee]

My local corner shop will only take cards over £5.00 as he says that it costs him too much . How much is a business charged?

This is an interesting read

https://gocardless.com/guides/posts/minimum-card-payment-limits/

 

[Questions]

I get paid mainly by bank transfer but I would miss a nice fat wedge of cash every so often .......

 

[arewethereyet?]

I pay my window cleaner by Bank Transfer.

I pay my window cleaner by cash.