Got something to say or just want fewer pesky ads? Join us... 😊

[Misc] When will cash disappear ?











Swansman

Pro-peace
May 13, 2019
22,320
Sweden
Here... 3-4 years. The banks are very keen on making it happen obviously as it would give them insane control, power and profit but people have the same attitude as Mustafa here and are too naive to realise the problem.
 






Gwylan

Well-known member
Jul 5, 2003
31,827
Uffern
This crops up over and over again. We're nowhere near becoming a cashless society.

Our local chippy will only take cards if you spend £15. The Chinese takeaway we use is cash only. The Thai takeaway we use is cash only. The veg stall in the market is cash only. Our window cleaner is cash only. Most of the shops we go to will only take cards for amounts above £5.

The place where I bought my son's bike: cash only. The Turkish restaurant we ate in just before lockdown: cash only.

Hell, I was reading that Ghislaine Maxwell paid for the house where was arrested in cash - that's a million smackers.

Cash is here for a long time
 




Gwylan

Well-known member
Jul 5, 2003
31,827
Uffern
It needs to stay, otherwise 100% of small businesses and traders will end up declaring their income to HMRC.

And can you really see the local hipsters heading down to The Level to buy a bag of sensi on a card? Do you expect them to give VAT receipts too?
 




Poojah

Well-known member
Nov 19, 2010
1,881
Leeds
Same here barber is the only time I use cash these days.

Same here. It’s so cheap these days for small businesses to operate cashless payment technology I don’t see it being long before that’s no longer the case either (I haven’t yet been back since lockdown, it may already be the case).

After all this, I suspect 90% of society uses cashless payments 99% of the time - it would be 100% if it weren’t for those odd occasions like getting a haircut. However, I think that 10%, mostly older people who are understandably phobic of technology will mean that we are still a good decade or so from the complete elimination of cash. For anyone who would prefer not to use cash, I suspect they may have that luxury within three years.
 




beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
36,014
decades away. not sure its even possible, need some form of backup to all digital. one national network outage and no one can trade. maybe a cryptocurrency with temporay local validation could fill the gap, it doesnt exist yet though.
 




dsr-burnley

Well-known member
Aug 15, 2014
2,625
There are absolutely no benefits to cash in a digital age.
There are two very obvious benefits.

1. The running costs of cash are much lower than the running costs of a smartphone.
2. If someone steals your cash, they can only get the amount that's there. If they steal your phone, they can potentially clear the account.

You might believe that those advantages aren't enough to outweigh the costs for you personally. But don't claim that they aren't advantages.
 




Saunders

Well-known member
Oct 1, 2017
2,296
Brighton
Hmmm my local one, and now yours too, l wonder what it is with shops of this ilk?

Its been a while since i worked in this area but larger businesses get a better deal with card companies for the percentage of cost per transaction to the business. The consumer doesnt pay it hte business does so they get 100% for cash. If a business feels they get more custom through card they can figure it is worthwhile paying the cost. For places like a chippy that doesnt do deliveries it probably isnt worth it.

In the future though I think banks will be more and more reluctant to take large amounts of coins/cash because it costs them and they may start to pass that cost on.
 










Swansman

Pro-peace
May 13, 2019
22,320
Sweden
Ta, I’ll get the Swish app.

I think some kind of Swish-like app is bound to get really big in UK as well. Pretty obvious development: smooth and quick and requires no card reader. Its already growing really big in a lot of countries in Europe & Asia, you are just a bit slow on the ball over there.
 






Perfidious Albion

Well-known member
Oct 25, 2011
6,367
At the end of my tether
Last Summer I was refused a card payment offered in the cafe in East Dean, unless I spent £5. I told them they had a 20fh Century attitude.....
Without cash how would we settle personal debts to each other , say I owe you £10?
Does not currency need hard notes and coins behind it ? Otherwise it is dodgy like Bitcoins........
 


Albion and Premier League latest from Sky Sports


Top
Link Here