Cashless vs Cash

Melangell1973

Everyday business (shops, pubs, cafés etc.) should NOT be completely cashless.

It might be convenient for some, but it excludes a significant number of people. Around 3.1 million people in the UK rely heavily on cash for everyday spending, and roughly 2.7 million are almost entirely cash-reliant (Payment Systems Regulator / FCA research). On top of that, around a million UK adults don’t even have a bank account, and about 3.9 million people lack the digital skills or reliable internet access needed for digital payments.

Cash also provides resilience. Card systems fail, terminals go down, banks have outages, and internet connections drop. Cash still works when the tech doesn’t.

And for many people on tight budgets, cash is simply the easiest way to control spending and avoid debt.

Digital payments are fine, but removing cash entirely just excludes some of the most vulnerable people. A modern system should add options, not remove them.

flaneurs_lobster

This is a rant rather than a post relevant to "Banking & bank accounts".

Could it be moved?

soolin

I've moved this to a better board for responses

flaneurs_lobster

Everyday business (shops, pubs, cafés etc.) should NOT be completely cashless.

Everyday businesses can choose to operate as they wish - be it with cash, cashless or both.

They could do away with cash value altogether and move to a barter model.

Are you suggesting that the right of a business to operate legally as they wish should be restricted? Rather an odd view for a Libertarian to take?

born_again

End of the day. Cash costs business to deposit both in time & security. Branches closing means longer trip to get rid of the cash.

Local chippie says it cheaper for them to take card payments, but still takes cash for the few that use it.

Shops systems can fail, so even then cash is no good.

Not in favour of either system. Everybody has their own choice. 👍

daveyjp

My daughter found a cheque book in a house drawer the other week. She had no idea what it was and I began to think why no one put up a fight for the cheque payment option to be maintained by retailers.

They were very useful for personal cash flow management!

born_again

https://forums.moneysavingexpert.com/discussion/comment/81911798#Comment_81911798

To much cheque fraud, that cost retailers a lot of money. As well as the admin costs to retailer.

Banks wanted cheques demised quite a few years ago & requlator would not let them.

Always amuses me that people do not like sharing their bank details for online payments. But were/are quite happy to use/used cheques which had exactly the same info on🤷‍♀️🤦‍♀️

TadleyBaggie

Plenty of businesses around me are still cash only, which is a complete pain.

libra10

I agree with the OP!

Although I use cards to pay for certain items, cash can be useful for many reasons already mentioned.

Cash may cost businesses money, but surely each card they accept is also charged.

It's always useful to have some cash available, and it is a great budgeting tool.

MattMattMattUK

I have been cashless since 2019 and in the five years before that I barely use it. I have probably used a physical card less than five times in the last three years, pretty much everything in person is paid with Google Wallet. Pretty much everyone I know is similar, cards occasionally, mostly Google Wallet or Apple Pay.

Cash is an absolute pain for a business and costs more than card payment, I can see why they want it to die out.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81911981#Comment_81911981

The OP is arguing that "everyday business" (sic), whatever that means, should not be allowed to be cash-free.

I'd argue that it's the right of any business to take payment in any (legal) way they like.