MSE News: Cash payments set to slump further

Former_MSE_Guy · 14 April 2010 at 10:49AM

This is the discussion thread for the following MSE News Story:

"Coins and notes will be used in less than half of transactions within five years, according to research out today ..."

Read the full story:

Cash payments set to slump further

Butterfly_Brain · 14 April 2010 at 11:01AM

God what a horrible thought I am only able to budget properly with cash.
I hate debit cards with a passsion!!!!!!!!!!!!

Lokolo · 14 April 2010 at 11:19AM

Butterfly_Brain wrote: »

God what a horrible thought I am only able to budget properly with cash.
I hate debit cards with a passsion!!!!!!!!!!!!

I am the complete opposite.

ScottySmog · 14 April 2010 at 11:44AM

If they phase it out altogether, will beggars, buskers and Big Issue sellers be equipped with card terminals?

x_Bunny_x · 14 April 2010 at 12:00PM

I saw this on the teletext last night. I have never really stood in the shop looking to see what people use to pay for their groceries. I know there is always the one in front of you paying by card and holding the queue up.

I ALWAYS see lots of people queing at the atm machines though for cash. Next time i go shopping im going to secretly see how people pay for their groceries

Rafter · 14 April 2010 at 12:29PM

Already happening in Africa and South America. Your mobile phone effectively becomes your wallet. You can make cash transfers or payments to anyone with a mobile and immediately see how much you have.

I'm sure there will be displays on debit cards before long too.

R

karatedragon · 14 April 2010 at 1:18PM

Rafter wrote: »

Already happening in Africa and South America. Your mobile phone effectively becomes your wallet. You can make cash transfers or payments to anyone with a mobile and immediately see how much you have.

I'm sure there will be displays on debit cards before long too.

R

So what happens if you don't want a mobile phone - or a debit card even? I never switch my mobile phone on. It is a Nokia 5110 so no camera, wap, bluetooth, internet. Thank God.

lordash · 14 April 2010 at 1:20PM

I hope this never happens, I work in shop where the queues get really massive, and you always get a few people who insist on paying for everything with a card no matter the amount (I have had them for amounts under £1 before). Not only does it take a lot longer than cash, it costs us comparatively a lot of money to process the card. The same thing usually happens on my lunch break as well, I normally end up being stuck behind some idiot who is using a card to buy a £2 sandwich.

One of the main things stopping the uptake on contactless payments (other than Barclays being the only bank who issues the cards in any great quantity) is the huge cost involved. I believe merchants have to pay around 20-40p per transaction, and for amounts under £10 it really isn't worth it unless your margins are high enough to cover it (which explains why the only place you see them is in coffee shops). If they put the transaction fee at a more reasonable level, then I'm sure more people would take them up, but at the moment its just another way for the banks to take more money.

MINI_2 · 14 April 2010 at 1:39PM

@ lordash,

Why is that person an idiot for paying for a sandwich with a debit card?

lordash · 14 April 2010 at 1:53PM

MINI wrote: »

@ lordash,

Why is that person an idiot for paying for a sandwich with a debit card?

I prefer not to spend my lunch break in a queue. And I don't really want to have to wait behind somebody who takes longer than necessary because they are paying by card for a tiny amount. Its a trend that has started recently, more and more people are using cards for small transactions and the queues are moving slower as a result. Is it so difficult to have some cash ready when you go into a shop?

heloid · 14 April 2010 at 2:10PM

Guys, Debit cards will NOT replace cards, other technology will which is just as fast (contactless cards, mobiles etc).

Cash has no place in todays world, it's only a matter of time.

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MSE News: Cash payments set to slump further

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