Cashless society - a good thing/a likely thing?

[MTVN]

Was having this discussion with my brother the other day - he lives in London and is convinced we'll be a totally cashless society within twenty years and never carries cash himself. He didn't even realise the £2 coin was still legal tender because he hardly ever sees cash

Me living out in the sticks always try and have some cash on me as cashpoints are hard to come by in a lot of towns these days. I also still see a lot of businesses in smaller towns that are cash only like pubs, bakeries, takeaways etc. I think it's still so widely used across most of the country that we'll never go cashless in my lifetime

There's also the issue that using card means your spending is always logged and on record somewhere whereas cash obviously leaves no trail

So do you think a cashless society would a) be a good thing and b) when would it happen by?

[Niamh.]

it's certainly heading that way but it does make a little uncomfortable aswell, the trail following you everywhere

[Toy Soldier]

I guess part of the concern is, if the systems go down say for a couple of days, people wouldn't even be able to get food. I mean I'm in a little village with at least one shop that would probably "open a tab" for locals but I don't imagine most places have that.

That said - I pretty much never carry cash... Always a pain in the arse when kids need coins for bake sales and stuff like that, because I have to go to the shop on the way to school, get £10 at the cashline and then buy something to break it. I should just keep a stash of coins in the house...

In general though I don't see a problem with it, cash has no more inherent meaning than digital funds when it comes right down to it. The psychology of money is quite interesting really... It's only worth something because everyone agrees that it's worth something.

[Toy Soldier]

As for likelihood, I'd say it's all but a certainty, but not particularly soon (several decades, maybe not within our lifetimes).

I do think using cash will become more "niche" though. How often do you see someone paying in cash at a supermarket checkout for example?

[Cherie]

I don't like it at all, there have been occasions recently when visa when down, and the only alternative was to pay with a different card or cash, I also don't like how unsecure contactless cards are, if you drop one people can spend 30 quid at a time, I have a friend who works in Tesco and she flagged to her manager that someone wanted to buy a trolley full of items, paying 30.00 off on contactless for each section he had put on the belt, and the manager waved it though when clearly the card was stolen :skull:

[MTVN]

There has definitely been a big swing in recent years largely driven by contactless I suppose. I went to a couple of Ashes tests this summer and normally for a sports event I take out a load of cash because everything is cash only and the temp cash points there charge about £5 to withdraw but was surprised when I was there that actually all the bars were card only

Still think it's too ingrained in a lot of people's lives to be eliminated though. And people are entitled to a private life which you just cant be confident about with card payments. Other thing is that the government are still spending a huge amount of money redesigning our notes and I think they recently decided not to scrap coppers so we're generally still quite committed to cash as a country. I think there'd be a big backlash at any attempt to phase it out

[Toy Soldier]

I don't like it at all, there have been occasions recently when visa when down, and the only alternative was to pay with a different card or cash, I also don't like how unsecure contactless cards are, if you drop one people can spend 30 quid at a time, I have a friend who works in Tesco and she flagged to her manager that someone wanted to buy a trolley full of items, paying 30.00 off on contactless for each section he had put on the belt, and the manager waved it though when clearly the card was stolen :skull:

You are actually covered for contactless by the card issuer (that's why it has a max spend, and it shouldn't allow a tonne of contact less payments in quick succession). If you report your card stolen the bank should refund any payments that you say weren't made by you (and they're supposed to follow up with the police / retailers to see if the person who made the purchase can be identified). In that way its more secure than cash I suppose. If you drop cash, it's gone [emoji23]

[MTVN]

You are actually covered for contactless by the card issuer (that's why it has a max spend, and it shouldn't allow a tonne of contact less payments in quick succession). If you report your card stolen the bank should refund any payments that you say weren't made by you (and they're supposed to follow up with the police / retailers to see if the person who made the purchase can be identified). In that way its more secure than cash I suppose. If you drop cash, it's gone [emoji23]

Yeah that happened to someone I know - they dropped their card on a bus and someone picked it up and spent £200 on booze in various places and the bank refunded him the full amount

[arista]

No Cash is staying Forever.

New Plastic £20 notes
start in a few months,
Then the £50 note goes plastic.

Of course in Main places
some stores are not taking Cash.
Thats their loss.

Tech goes down
Cash takes over.

Cash is never going.

[arista]

Any Cash points charging £5
must be Deleted.

[Cherie]

There has definitely been a big swing in recent years largely driven by contactless I suppose. I went to a couple of Ashes tests this summer and normally for a sports event I take out a load of cash because everything is cash only and the temp cash points there charge about £5 to withdraw but was surprised when I was there that actually all the bars were card only

Still think it's too ingrained in a lot of people's lives to be eliminated though. And people are entitled to a private life which you just cant be confident about with card payments. Other thing is that the government are still spending a huge amount of money redesigning our notes and I think they recently decided not to scrap coppers so we're generally still quite committed to cash as a country. I think there'd be a big backlash at any attempt to phase it out


I hope so, how will I pay the window cleaner otherwise :oh:

[Twosugars]

Physical cash is needed. Relying on electronic payments only is asking for trouble

[Niamh.]

I guess part of the concern is, if the systems go down say for a couple of days, people wouldn't even be able to get food. I mean I'm in a little village with at least one shop that would probably "open a tab" for locals but I don't imagine most places have that.

That said - I pretty much never carry cash... Always a pain in the arse when kids need coins for bake sales and stuff like that, because I have to go to the shop on the way to school, get £10 at the cashline and then buy something to break it. I should just keep a stash of coins in the house...

In general though I don't see a problem with it, cash has no more inherent meaning than digital funds when it comes right down to it. The psychology of money is quite interesting really... It's only worth something because everyone agrees that it's worth something.

We have a tin with 1 and 2 euro coins in it for Luke's stuff, it's very handy.

[arista]

Physical cash is needed. Relying on electronic payments only is asking for trouble


You Are Most Wise
Twosugars,

[Twosugars]

You Are Most Wise
Twosugars,

If only you listened to me on other things :nono::laugh:

Relying on complex internet banking systems will never be 100% reliable and safe

Also, not everyone is society has access to that.

[arista]

If only you listened to me on other things :nono::laugh:

Relying on complex internet banking systems will never be 100% reliable and safe

Also, not everyone is society has access to that.


I am fully aware of those facts

[Cherie]

You are actually covered for contactless by the card issuer (that's why it has a max spend, and it shouldn't allow a tonne of contact less payments in quick succession). If you report your card stolen the bank should refund any payments that you say weren't made by you (and they're supposed to follow up with the police / retailers to see if the person who made the purchase can be identified). In that way its more secure than cash I suppose. If you drop cash, it's gone [emoji23]

Yes I know but it can take weeks to get it refunded ..its not instantaneous, and my point is more about how easy it is for criminals to take your cash rather than getting it back...who is paying for the banks to pay out twice...you and me

[Marsh.]

I wouldn't mind getting rid of copper or even all the coins altogether. But some cash is needed I feel.

[Oliver_W]

If you nip to the shop for a flaggon of milk, it's pretty annoying when there's a minimum spending limit for card payments. Like I understand they have to pay somewhere between 50p and a couple of quid for every transaction that goes through that system, and the mark-up they put on products doesn't always mean they'd make money on card payments ... doesn't make it less annoying!

[Twosugars]

I am fully aware of those facts

I rest reassured

[Redway]

It’s definitely a likely thing.

[Niamh.]

If you nip to the shop for a flaggon of milk, it's pretty annoying when there's a minimum spending limit for card payments. Like I understand they have to pay somewhere between 50p and a couple of quid for every transaction that goes through that system, and the mark-up they put on products doesn't always mean they'd make money on card payments ... doesn't make it less annoying!

There isn't a minimum for tapping is there?

[Dogeatdog]

It seems likely tbh especially with all the apps on phones for your bank cards, nectar cards etc. I don’t think it is necessarily a good thing though especially as previous posters have said, if systems go down it will just cause trouble.

[Cherie]

There isn't a minimum for tapping is there?

Corner shops and offies will levy 50p for the transaction if you are buying less than a fivers worth, not the big supermarkets

[Niamh.]

Corner shops and offies will levy 50p for the transaction if you are buying less than a fivers worth, not the big supermarkets

Oh, I suppose I'd rarely spend less than a fiver anyway in a shop but I don't think I've ever been charged or told no if I had cash and it was a low amount :think:

[MTVN]

Other than some independent newsagent type shops it's mainly pubs who often do a £5/£10 minimum on card here but I think a big part of that is just cos they generally know you're not going anywhere so will always make the order up

[bots]

i think we will always have something to fall back on whether it be bartering sheep or whatever. The important thing to always remember is to never be totally reliant on 1 form of anything be it media, money or anything else.

Me, i like contactless payments. I set up a card very similar to a pay as you go visa, where you can only spend what you put in to your wallet. I have a card with a small limit that i use for online shopping. There are very simple things that you can do yourself to keep you "safe"

[Niamh.]

Other than some independent newsagent type shops it's mainly pubs who often do a £5/£10 minimum on card here but I think a big part of that is just cos they generally know you're not going anywhere so will always make the order up

I suppose anytime I've used my card in a Pub I've always bought atleast 2 drinks anyhow

[Denver]

Corner shops and offies will levy 50p for the transaction if you are buying less than a fivers worth, not the big supermarkets

This was actually banned a whole back

[smudgie]

We all need a bit of cash.
Kid’s treats, hairdresser, window cleaner, mind you ours has just gone on direct debit.:joker:

[Toy Soldier]

We all need a bit of cash.

Kid’s treats, hairdresser, window cleaner, mind you ours has just gone on direct debit.:joker:I find that most small businesses (window cleaners, gardener, etc) will take PayPal these days.

Yes I have a gardener OK. :hmph: I can't stand gardening.

[GiRTh]

Banks would welcome it but its unlikely to happen. Certain transaction, for one reason or another cannot be done without cash. I'm talking illegal transactions in case anyone doesnt get it. Not many drug dealers take paypal.

Banks have been trying to get to a cashless society for decades. I doubt they'll ever get there. There will always be the demand for some cash transactions.

When I worked in banks the small transactions costing was set at just under 10 pounds so I would image that has increased now so its no surprise some shops still charge for small card transactions. I dont ever see that dying out as the shop has to incur that extra bank charge.

On another note - I've one heard a Director at a medium sized building society admit that banks would do away with cheque accounts and small transactions but cannot due to the obvious public outcry that would cause. I wouldnt be surprised if they are ultimately moving toward a cashless system where transactions are only processed if they reach a certain amount.

[Beastie]

Gotta keep that spare 10 grand in cash under my mattress.

[joeysteele]

It is likely to come way off in the future.
Not for many decades at least I'd say.

Not a good thing in my view however.
I like the mix at present.

[MTVN]

Banks would welcome it but its unlikely to happen. Certain transaction, for one reason or another cannot be done without cash. I'm talking illegal transactions in case anyone doesnt get it. Not many drug dealers take paypal.

Banks have been trying to get to a cashless society for decades. I doubt they'll ever get there. There will always be the demand for some cash transactions.

When I worked in banks the small transactions costing was set at just under 10 pounds so I would image that has increased now so its no surprise some shops still charge for small card transactions. I dont ever see that dying out as the shop has to incur that extra bank charge.

On another note - I've one heard a Director at a medium sized building society admit that banks would do away with cheque accounts and small transactions but cannot due to the obvious public outcry that would cause. I wouldnt be surprised if they are ultimately moving toward a cashless system where transactions are only processed if they reach a certain amount.

Yeah you wonder how stuff like that would function if any country would go totally cashless. Not just illegal stuff either but businesses like strip clubs where transactions are primarily cash

I think you're right about banks wanting it though hence why they'll always look to close branches as the easiest way to cut costs. Read yesterday that Barclays are going to stop people withdrawing cash at post offices as well

[Toy Soldier]

Banks would welcome it but its unlikely to happen. Certain transaction, for one reason or another cannot be done without cash. I'm talking illegal transactions in case anyone doesnt get it. Not many drug dealers take paypal.

Cryptocurrency most likely if it came down to it. It's already used for larger "less legal" transactions.

[Tom4784]

I'm pretty much cashless at this point, I pay for everything on my card and I rarely draw money out since I'm paranoid when it comes to most cash machines. The only time I tend to carry money is if I have a specific need to pay for something in cash or if I lend someone some money or buy something for them and they pay me back in cash.

I utterly despise handling money and there's not many places that don't accept cards at this point.

[GiRTh]

High street banks would love to go to online only and they use their branches like chips in a card game. Not surprised any of them are committing to closing branches.

Most of the high level strip clubs use card payments but if you want half an ounce of green you probably need cash to pay for it. :joker:

[MTVN]

High street banks would love to go to online only and they use their branches like chips in a card game. Not surprised any of them are committing to closing branches.

Most of the high level strip clubs use card payments but if you want half an ounce of green you probably need cash to pay for it. :joker:

They might accept card but how many people want that on their bank statements

[Jason.]

I wouldn't like it because I only pay with card at major retailers like supermarkets and chain stores. I tend to use cash at independent high street places like corner/market type shops. I'm a bit wary of using card at places like that because they seem dodgy. It's something my mum does so it's rubbed off on me I guess. :laugh:

[GiRTh]

They might accept card but how many people want that on their bank statementsTrue and its difficult to tip the ladies with a card.

[Amy Jade]

I don't see cash becoming obsolete.

When I worked in asda on the lottery and fag counter I would say most transactions are in cash.

[Josy]

I can see it happening or at least tried out in certain areas, possibly larger cities

In our village theres only 1 cash machine and it stops working quite a lot so we do try to have at least some cash on us, we also have emergency cash in the safe.

I used to hate standing in line waiting for people to pay buy card, thier cards not working, the machine going down and holding everyone up etc, now I'm one of them that mostly pay by card its just really handy.

[Toy Soldier]

Funnily enough, I was in town last night and we went for chips... The scabby little town I used to work in and literally haven't set foot in since (so about 4 months) :joker:...

The chip place's card machine wasn't working so it was cash only. I set out to get cash - went to the santander cash machine - gone :think:. So I walked on to the RBS cashline... Also gone :think:. Turns out there's only ONE cashline left in the whole town centre. Literally a few months ago, there were four. Seems that high Street branches are closing fast and cashlines with them so maybe we won't have any choice but to be cashless soon [emoji23]. There are still cashlines at the supermarkets obviously but they're all on the outskirts.

[Cherie]

Funnily enough, I was in town last night and we went for chips... The scabby little town I used to work in and literally haven't set foot in since (so about 4 months) :joker:...

The chip place's card machine wasn't working so it was cash only. I set out to get cash - went to the santander cash machine - gone :think:. So I walked on to the RBS cashline... Also gone :think:. Turns out there's only ONE cashline left in the whole town centre. Literally a few months ago, there were four. Seems that high Street branches are closing fast and cashlines with them so maybe we won't have any choice but to be cashless soon [emoji23]. There are still cashlines at the supermarkets obviously but they're all on the outskirts.

I would imagine it costs banks quite a bit to maintain these tills so its in their interest to get rid