Citybreak1
Member
Will we never get to point where cash becomes extinct? Or will it more likely just get very hard to use cash or find a bank and cash point?
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Which year will the UK go cashless?
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jon81uk
Member
I think we've got 20+ years before it becomes extinct, but cash usage, particularly in big cities will continue to decline. Personally within the UK I only use cash at the barbershop. Everywhere else I go takes card so I pay by card.
Getting rid of 1p and 2p coins similar to Canada and Austrailia I think could be likely before cash overall is removed.
Getting rid of 1p and 2p coins similar to Canada and Austrailia I think could be likely before cash overall is removed.
Certain sectors of society seem to be more keen to keep cash than others. London has many places that are cashless, other areas I've visited don't accept credit cards - taxi drivers in Whitby being one random example.
I’m in Canada just now and it’s virtually impossible to find places that accept cash. I was at an attraction in Quebec who were cash only and had to get their own ATM installed, which seemed a very bizarre thing to do! I wonder if such absurdity would happen if the UK went down the same route!
Howardh
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If we went completely cashless it would mean providing young children who are old enough to shop for themselves a secure debit card; presumably one that could be loaded up to a limit so (a) the kids can't overspend and (b) protected if lost or stolen. What we would lose id the child putting "real" money in a jar and watching it grow!!
Do such cards exist today?
Just noted above r/e taxi drivers, mine accept cards but there is zero signal outside my house, so we either use cash or park some distance away for that signal. Infuriating!!
Do such cards exist today?
Just noted above r/e taxi drivers, mine accept cards but there is zero signal outside my house, so we either use cash or park some distance away for that signal. Infuriating!!
Been around for years
One example, I'm sure there are others. Edit there are
Top 8 Debit Cards for Kids | UK
Compare the leading services offering the world a new banking experience. Get your card and take control of your money from your smartphone and PC.
www.top8neobanks.com
Busaholic
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Not this century.
azt
Member
Interestingly enough, there are quite a few restaurants in Dundee, and my dentist won't take credit/debit cards and are cash only!
So I guess it will be a while!
So I guess it will be a while!
azt
Member
Not really, they only do x-ray, occasional fillings and clean and polish on NHS. Everything else is private, so may take cards for that!
azt
Member
Really! I've not had one for a good few years now, way before covid. I don't think my wife paid that much though, maybe because we are in Scotland.
They were wanting over £500 for a crown, no chance I'm paying that.
LYradial
Member
I think the question is not about cash disappearing but how long will will this antique system of plastic cards and/mobile phones that run out of battery or lose the signal or cannot connect to the app last.
in 20 years time technology will have advanced beyond our imaginations, AI will rule and facial and voice recognition will be the norm.
just smile and say hi I’m going to Venus and and a few quid will vanish from your lifetime account.
if you don’t believe me then remember that 20 years ago windows 95 was the common operating system and it took ten minutes to download a black and white photo via your dial up modem
in 20 years time technology will have advanced beyond our imaginations, AI will rule and facial and voice recognition will be the norm.
just smile and say hi I’m going to Venus and and a few quid will vanish from your lifetime account.
if you don’t believe me then remember that 20 years ago windows 95 was the common operating system and it took ten minutes to download a black and white photo via your dial up modem
birchesgreen
Established Member
Probably never, we are about as cashless as we'll ever get*. There will always be some folks who prefer the physical stuff.
* and i am totally cashless myself personally
* and i am totally cashless myself personally
jon81uk
Member
I had a debit card age 14 back in the 90s and HSBC currently still offer that.
The possibilities for scams and fraud will also have advanced beyond our imaginations
Interesting as my friend went to Toronto/Montreal 2 weeks ago and was welcomed everywhere with cash, except his hostel (which did have a prominent notice saying no cash on their website).
I do see a future sooner rather than later where a traditional high street bank will be a thing of the past and the emerging 'Banking Hubs' idea will replace them full stop
Quite a funny conversation with my local HSBC during the pandemic where everyone was suddenly allergic to cash, they informed me precisely zero of their staff had been struck down and they obviously handled quite a lot of cash day in day out
Quite a funny conversation with my local HSBC during the pandemic where everyone was suddenly allergic to cash, they informed me precisely zero of their staff had been struck down and they obviously handled quite a lot of cash day in day out
HSTEd
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The Telegraph is already writing horrified articles about the decline in the bank operated facilities for accepting cash from businesses.
It is likely that cash acceptance will be subject to a "death spiral".
Businesses will be unable to practically deposit cash, meaning they have to stop accepting it. People will then be forced into using card payments and will gradually tend towards using more card payments, causing a drop in demand for cash, causing a further reduction in cash deposit facilities and so on and so on.
Indeed I'm not sure how I can easily obtain cash without paying a charging ATM a lot of money these days.
Unless the government actually attempts to mandate cash deposit facilities are maintained (and they are likely to be very expensive to operate in the long run), I would suggest that cash use would continue collapsing as it has done for the last decade.
Government should probably attempt to develop a plan for an orderly end to the cash era, but I doubt they would be willing to take such a fraught decision.
It is likely that cash acceptance will be subject to a "death spiral".
Businesses will be unable to practically deposit cash, meaning they have to stop accepting it. People will then be forced into using card payments and will gradually tend towards using more card payments, causing a drop in demand for cash, causing a further reduction in cash deposit facilities and so on and so on.
Indeed I'm not sure how I can easily obtain cash without paying a charging ATM a lot of money these days.
Unless the government actually attempts to mandate cash deposit facilities are maintained (and they are likely to be very expensive to operate in the long run), I would suggest that cash use would continue collapsing as it has done for the last decade.
Government should probably attempt to develop a plan for an orderly end to the cash era, but I doubt they would be willing to take such a fraught decision.
Buzby
Established Member
As do I (but with my Apple Watch). I’ve not withdrawn cash from an ATM for over a year. However, it has helped me to calorie-control my diet. Up here, food takeaways have an absolute aversion to accepting anything other than cash. In addition to the menu, there’s always a ‘cash only’ sign on the door. Since I don’t carry any I have to go elsewhere - I wonder how much custom they are losing, as it must be increasing monthly.
Cross City
Member
I went cashless years ago and barely ever carry a wallet or even a physical card now.
Everything about physical money is less convenient and less secure than using Apple Pay for both the customer and the business. It is even more expensive for businesses to handle cash than card transactions nowadays.
I avoid businesses which do not take card. I drive past 2 barbers to go to one half a mile further away which does take card. That small detour is about the only thing I can think of where not using cash inconveniences me even slightly.
Everything about physical money is less convenient and less secure than using Apple Pay for both the customer and the business. It is even more expensive for businesses to handle cash than card transactions nowadays.
I avoid businesses which do not take card. I drive past 2 barbers to go to one half a mile further away which does take card. That small detour is about the only thing I can think of where not using cash inconveniences me even slightly.
The main issue with cashless is the fees right now. Most small business (like barbers...) that don't accept cards because of that
Most card terminals work using a subscription fee for the equipment + 2-3% + a token fee, on a 20-30 quid, could amount quite fast over a year
The rise of terminals like Sumup (which only has a 1.69% fee and you own the terminal in the UK) and all will push banks and credit card brands out to lower the fees
Most card terminals work using a subscription fee for the equipment + 2-3% + a token fee, on a 20-30 quid, could amount quite fast over a year
The rise of terminals like Sumup (which only has a 1.69% fee and you own the terminal in the UK) and all will push banks and credit card brands out to lower the fees
Cross City
Member
Cash is nearly always more expensive to handle (if you're doing it legally) than card transactions.
You need to pay employees to count safes and count and float tills at the start and close of business. You need to pay a company to securely bring you change and if you want them to take away large amounts of takings to be banked.
If you want to do the banking yourself you need to pay an employee to insecurely get change and take the money to the bank. Banks also always change a percentage fee (a comparable number to card transaction fees) for depositing cash into a business account.
99.9% of the time its cheaper to be card only.
Obviously if you're doing a lot of things under the table and avoiding the books then cash is the way to go. Hence why I'm always suspicious of cash only businesses and always avoid them.
Various sectors of the economy are still heavily reliant on cash.
One is services delivered in the home. For example tomorrow I will be paying my window cleaner in cash.
I shop at markets where lots of stallholders are still cash only. This particularly applies to markets that only operate occasionally.
I use cash for small transactions with small businesses out of consideration to them, because it saves them from paying fees to card companies.
Cash is still cheapest for businesses that rely on large numbers of small transactions, barber's shops being a good example. That's why some small businesses have a minimum spend for card transactions.
I get my cash by withdrawing it in person at my local building society branch, which helps to keep it going.
I mostly avoid businesses that do not take cash. The place where I find that most difficult is getting a cup of tea in Kings Cross/St Pancras when I don't have time to go off the station. At Liverpool Street I still have the Polo Bar in Bishopsgate.
One is services delivered in the home. For example tomorrow I will be paying my window cleaner in cash.
I shop at markets where lots of stallholders are still cash only. This particularly applies to markets that only operate occasionally.
I use cash for small transactions with small businesses out of consideration to them, because it saves them from paying fees to card companies.
Cash is still cheapest for businesses that rely on large numbers of small transactions, barber's shops being a good example. That's why some small businesses have a minimum spend for card transactions.
I get my cash by withdrawing it in person at my local building society branch, which helps to keep it going.
I mostly avoid businesses that do not take cash. The place where I find that most difficult is getting a cup of tea in Kings Cross/St Pancras when I don't have time to go off the station. At Liverpool Street I still have the Polo Bar in Bishopsgate.
Cross City
Member
Why? All of my local in-home services that I use take card? Are they tax-dodging?
It's more expensive for small businesses to handle cash over card.
It's more expensive for small businesses to handle cash over card.
This goes against the TOS of nearly all POS card handling suppliers as well as VISA and Mastercard, if they're reported they will have their merchant account suspended and be unable to take any card transactions.
I get why people use cash as much as possible but their premise is often flawed.
Cash is expensive! It still costs money for a business to pay it in and is significantly at risk from theft by staff or customers.
No it isn't. They're concealing profits from the taxman.In the UK maybe, but in France, provided you clearly indicate it before purchase it is totally legal (I don't see why on the face of it it should be illegal)
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Agree with you on that, but a restaurant owner friend said that they don't accept meal cards (employer funded (up to 50%)) because of the 4 to 5% fees on them so feel like fees are still a big part of it
Cross City
Member
I'm not saying it's illegal, it is of course legal in the UK to impose minimum spend limits for card transactions. I'm saying that the companies which supply card processing equipment or people like VISA, AMEX and Mastercard do not allow this to happen as part of the TOS/T&Cs of having card transaction processing accounts.
I know from experience that AMEX and Mastercard for example go after businesses who take their cards but impose minimum spend limits on their card transactions. I know of a number of businesses (even small ones) which have had their card processing and merchant accounts suspended because of this.
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