The Declining Use of Cash in the UK

[Fastnick]

I came across this article on the BBC News website:

https://www.bbc.co.uk/news/business-48544695

[dunmac]

I wouldn't like to see cash disappear entirely, although I don't see that happening. I like cash, but understand and enjoy the speed and convenience of contactless payments. Sweden seems to be ahead of most other countries when it comes to cashless transactions, although I understand that the Swedish government has suggested that people keep a stock of lower denomination notes and coins in stock in case the payment system goes down. I've been doing that for a while with a stock of fivers, tenners, £1 and £2 coins at hand - enough to last for up to a month or so. 

I like new technology when it comes to payments but am equally happy to stick to the older forms. I still even write cheques from time to time. 

[kimchi]

I would be very surprised if the plan wasn't to go completely cashless within ten years, it's been tiptoeing that way for years now, and it's astonishing how fast it's happening actually, some places don't even take cash anymore.

It won't necessarily happen but it's hard to see a way back from where things are going with so many local post offices and banks closing and the elderly in particular in many areas already having problems.

I try to use cash and cheques as often as possible just to 'do my little bit' to keep them going, the same as I always use the staffed tills rather than self-scan. Even so, I found myself getting a little impatient today in a queue when someone was scrabbling around for the exact change for their shopping and had to check myself, so like it or not I think we are all being lulled into it.

[Scuzzle]

This is always played out as a move by move strategy, the latest one is to announce bank charges for every withdrawal from a hole in wall machine, once this is up and running a year later they will run with the "cash use is down X percent" narrative all the time leading to the eventual "do we really need it" day.  It's the same with forcing the elderly to accept technology, all this 2 and 3 stage security is forcing people to get smartphones so they can get the authentication code or pin no. to allow them to access their bank account online or to green light an online purchase.

I can see why banks would like to do away with cash, cashless allows them to implement negative interest rates as it removes any escape route, in a banking crisis there will be no more runs on the banks and no more queues half a mile down the street because there is no cash to withdraw, when they run into trouble they will just shut you out and decide how much of a haircut they are going to give you to bail them in.  Also they save on the costs of printing and all that ink and paper.

[PansPurse]

I'm probably more worried about companies like Facebook setting up their own payment tokens free from any kind of regulatory oversight than I am about ATM closures

[TonyS]

Nowadays the only time I use cash is in the pub.

[KitboyE17]

I don’t use cash if I can help it. I prefer to use Apple Pay, contactless and online/app transfers as much as possible. I don’t worry about Big Brother knowing my coming and goings - I figure he knows anyway no matter. 

[kimchi]

@Scuzzle you've nailed it imho - it's the tiptoe of 'progress', society has been/is being sleepwalked into it. I was shocked actually as this was a topic (surprise surprise) on local BBC radio this morning and I didn't realise how far things had gone (as I avoid the latest smartphones and whatnot). The presenter was expressing a lot of concerns along with many of the callers, but yet he said he logs into banking on his phone via facial recognition and watches/manages his 'finances' throughout the day. I don't see how in this kind of system they are 'your finances' at all - they are just digital numbers on a bank's system, and how many clued in folk really trust the banks? We are all being deliberately and ignorantly led blindly down this path imvho.

24 minutes ago, KitboyE17 said:

I don’t use cash if I can help it. I prefer to use Apple Pay, contactless and online/app transfers as much as possible. I don’t worry about Big Brother knowing my coming and goings - I figure he knows anyway no matter. 

Fait accompli, and our children are growing up not knowing anything else

[Bullionbilly]

I love cash. I'll use it where possible .

Good thing with cash is, when its gone its gone you can see its gone and dont carry on into overdrafts etc. My little en's 6 and she is been taught how to use cash and even trade with it a little 🤣

[Roy]

Good point about the cash, when it's gone it's gone. Great for budgeting and saving. Remember watching the pot grow?

Cash is also good for bargaining, show the cash and make an offer! Doesn't quite work with chip and pin.

I'll argue that there is a place for both systems, cash and swipe. Perhaps contactless for services and cash for goods?

I use apps for Uber and Grab, to order food deliveries and use public transport.

Cash for beer and kebabs.

I also use a 'man'ned checkout rather than self-serve. People need jobs.

[dicker]

You are spot on Roy - nothing beats doing a deal and being offered a wedge of cash as an incentive....

I have kids and they seem to get saving more when there is a physical pot of cash rather than some numbers on paper or on a screen

 

[HighlandTiger]

The only problem by going cashless is the authorities are able to track all your income and spending. The Tax and VAT men are just loving all this new technology. no-one will be able to hide any money  away for a rainy day, and when the system crashes, and believe me it will, (terrorism, blackmail hackers etc), everyone will be fecked.

No more "cash in hand" jobs, no more hiding from the tax man. Its gonna be fun down at the bootfairs, when everyone is trying to pay 50p on a card machine. Not to mention that charities will lose out big time. No one minds putting a handful of coins in a strangers charity box or bucket, but are you really going to give a charity collector access to you card. Yeah right!

Me, I cant go out anywhere without a bit of folding in my back pocket, I might not use it all day, and I might use cards instead, but I'd feel naked going out with no cash.     

[silenceissilver]

6 minutes ago, HighlandTiger said:

The only problem by going cashless is the authorities are able to track all your income and spending. 

"You have been committing a hate crime. You have texted to Mr A. Smith "I really don't understand why we need replacement-migration" For security reasons we have blocked your bank account under the anti terror act §1984 for 3 months. Good bye and have a nice day"

Once there was no cash, we would see the recent Youtube purge and all the censorship on Facebook and Twitter but with bank accounts. That's why I think, "you don't like freedom, do you", every time I see someone using a chip to pay at a supermarket. Cashlesspayment only makes sense online. Otherwise it's hatred of freedom or at least sleepwalking into an Orwellian nightmare.

[dunmac]

3 hours ago, kimchi said:

I always use the staffed tills rather than self-scan. 

I'm afraid I usually use the self-scan. They're usually quicker, easier to get rid of small change, and no contorted facial expressions when I pay with Scottish notes in London.

[dunmac]

25 minutes ago, HighlandTiger said:

Me, I cant go out anywhere without a bit of folding in my back pocket, I might not use it all day, and I might use cards instead, but I'd feel naked going out with no cash.     

Yep. Same here. The only time I'll go out without any cash is when I'm out for a walk and know 100% for sure that I won't by buying anything. I usually just leave the whole wallet behind, so no cards either. 

[kimchi]

2 minutes ago, dunmac said:

I'm afraid I usually use the self-scan. They're usually quicker, easier to get rid of small change, and no contorted facial expressions when I pay with Scottish notes in London.

No judgement at all here, we all do what we do I have a huge stack of coins here actually (talking boxes full after so long using cash and getting small change in return - and funnily enough the shops that give that give me that small change don't seem to like me trying to shop with them back with it! One would think that it's still money in their coffers, no? Not any more around here!) that I keep meaning to take to one of those self-service thingies, it'll take me hours to feed it all in, but I'll do it just to feel I've done all I can try to keep them accepting cash (particularly small coins)

[dunmac]

2 minutes ago, kimchi said:

it'll take me hours to feed it all in, but I'll do it just to feel I've done all I can try to keep them accepting cash (particularly small coins)

I usually do it on an ongoing basis. I chuck the coins in and then pay the rest by card. It means I don't mount up a massive pile of small coins. Yes, it means a card payment, but you're using cash too. 

[Agpanda]

One of IKEAs store has banned cash

[HighlandTiger]

13 minutes ago, Agpanda said:

One of IKEAs store has banned cash

One of Ikeas store has lost a potential customer.

[kimchi]

18 minutes ago, Agpanda said:

One of IKEAs store has banned cash

I predicted on here a year or two ago that there would be stores that you didn't even need to 'pay', they would simply 'scan' your bags on the way out for what you had on you, and directly debit your digital 'bank account'/credit. I think it was only a few months after that (Amazon?) the very first store opened up doing exactly that. Scarily fast.

Who needs to pay people to work for a 'living wage' when scan technology does it for free? And yet, I don't see prices going down from all their savings on not employing people...

Unless major things change (which actually I am very hopeful of) this will not end well.

I'm surprised nobody has mentioned 'Sesame Credit' yet.

[HighlandTiger]

2 minutes ago, kimchi said:

I'm surprised nobody has mentioned 'Sesame Credit' yet.

That's all we need, Big Bird and Bert opening a "pay day loan" Company  

[Fastnick]

I've been out for a few hours, and it has been most interesting to read the various comments and thoughts that the BBC article provoked......

It definitely seems that even amongst a relatively small number of people, there is a healthy and diverse range of opinions about how and why we still use cash.

Thank you all for putting in your "two ha'pence worth's"

[Xander]

The majority of the minority who don't use cash is because the bloody banks have closed up shop where they live. If people got their heads together and threatened the banks with closing their accounts the swines would soon re-open them...pronto! Cash is King!

[kimchi]

16 minutes ago, HighlandTiger said:

That's all we need, Big Bird and Bert opening a "pay day loan" Company  

It's a bit more than that, alas and from what I've heard is already well operational in China, with folk being prevented from e.g. taking a flight because their 'score' is too low.

This is a sorta quick rundown.

 

[Xander]

9 minutes ago, kimchi said:

This is a sorta quick rundown.

Scary. having said that, it seems religion has been doing something similar for centuries.